Issuance of debentures, interest respecting debentures
5(1)Where under this Act or any other Act, a municipality
(a)
has issued debentures partly in serial form and partly for a fixed term, and
(b)
is authorized to refund the fixed term debentures on maturity by the issue of debentures in serial form maturing annually over the balance of the term originally authorized,
(c)
the municipality satisfies the Board that it can advantageously refund the whole or any part of the fixed term debentures on maturity by the issue of debentures at a discount,
the Board may authorize the municipality to issue debentures in such amount as is necessary for the refunding, discount on sale of debentures and cost of issuing same.
5(2)Where a municipality is authorized under this or any other public or private Act to obtain money by way of loan or by the issue of debentures at a specified rate of interest or at a rate of interest not exceeding a specified rate, the Board may authorize the municipality to obtain such loan or issue such debentures at a rate of interest higher than the specified rate.
1964, c.44, s.3; 1967, c.55, s.1; 1970, c.36, s.1; 1983, c.54, s.4