190.084(1)Subject to this section and the Municipal Capital Borrowing Act, a rural community may borrow money for rural community purposes.

190.084(2)A rural community shall not, in any one year, borrow for its current operations any money in excess of the sum represented by four per cent of the budget of the rural community for that year or five thousand dollars, whichever is greater.

190.084(3)Subject to subsection (4), a rural community shall not, in any one year, borrow for capital expenditures any money in excess of the sum represented by two per cent of the assessed value of real property in the rural community.

190.084(4)Subject to subsection (5), if sixty per cent of those voting at a plebiscite held for authority to borrow in excess of the sum mentioned in subsection (3) vote in the affirmative, a rural community may borrow the sum authorized by the plebiscite.

190.084(5)Subject to subsection (6), a rural community may not borrow any money for capital expenditures

190.084(6)The money borrowed under subsections (3) and (5) is deemed to be the net amount of money borrowed.

190.084(7)For the purposes of this section, any money borrowed by a rural community under section 111 or for the construction or renovation of an electric power, water or sanitary sewerage system is not considered as money borrowed.

190.084(8)A rural community council having an audited general fund surplus at the end of a fiscal year shall cause such surplus to be credited to the current fund for the second next ensuing year.

190.084(9)A rural community council having an audited general fund deficit at the end of a fiscal year shall cause such deficit to be debited against the current fund for the second next ensuing year.