Acts and Regulations

84-113 - Municipal Capital Borrowing Board

Table of contents
Full text
Current to 1 January 2024
NEW BRUNSWICK
REGULATION 84-113
under the
Municipal Capital Borrowing Act
(O. C. 84-408)
Filed June 1, 1984
Under subsection 2(3) of the Municipal Capital Borrowing Act, the Lieutenant-Governor in Council makes the following Regulation:
1This regulation may be cited as the Municipal Capital Borrowing Board Regulation - Municipal Capital Borrowing Act.
2(1)Subject to subsection (2), a meeting of the Board shall be held on the second Monday of each month of the year, except in the months of July and August.
2(2)Special meetings of the Board may be held upon the call of the chairman of the Board.
2(3)Three members of the Board, one of whom is the chairman, vice-chairman or secretary, shall constitute a quorum at any meeting.
3(1)Where a municipality has, by resolution of its municipal council, resolved
(a) to borrow money for a capital expense either by way of a loan or by the issue of debentures,
(b) to guarantee the repayment of any loan or issue of debentures made for a capital expense, or
(c) to enter into a leasing, leasing-purchase or purchase agreement which constitutes a deemed borrowing for capital expenses under New Brunswick Regulation 84-21 under the Municipal Capital Borrowing Act,
that municipality shall, before borrowing such money, guaranteeing such repayment or entering into a lease, lease-purchase or purchase arrangement, submit to the Board an Application for Authorization in Form 1.
3(2)Upon receipt of the application referred to in subsection (1), the Board shall, with as little delay as possible, notify the municipality in writing
(a) of any matter which, in the opinion of the Board, would disqualify the municipality from obtaining authorization with respect to the proposed borrowing, the proposed guarantee, or the proposed lease, lease-purchase or purchase arrangement, and,
(b) of any recommendation of the Board in regard to any of the matters required of the municipality with respect to the proposed borrowing, the proposed guarantee, or the proposed lease, lease-purchase or purchase arrangement.
3(3)Repealed: 93-164
3(4)Repealed: 93-164
3(5)Repealed: 93-164
3(6)On receipt of an application under subsection (1), the Board shall
(a) set a date for the hearing of the application,
(b) forward to the municipality a notice of the hearing in Form 3, and
(c) cause a notice of the hearing in Form 3 to be published at least ten days before the date set under paragraph (a) in one issue of The Royal Gazette.
3(6.1)On receipt of the notice referred to in paragraph (6)(b), the municipality shall cause the notice to be published at least ten days before the date set under paragraph (6)(a) in two consecutive issues of a newspaper published or having general circulation in the municipality.
3(6.2)The municipality shall, before the hearing of the application, submit to the Board as proof of publication full page clippings from the newspaper showing the advertisements published under subsection (6.1), the name of the newspaper and the dates of publication.
3(7)Applications to the Board for authority to borrow for a capital expense, the total sum of which shall be repaid within three years by Federal or Provincial grants, shall not be subject to the provisions of subsections (6), (6.1) and (6.2).
84-226; 93-164
4(1)There shall be submitted with each application made under section 3 a certified copy of the resolution of the Council authorizing such application.
4(2)A copy of a resolution made by a municipal council purporting to be certified by the clerk thereof shall, without proof of the official character of such clerk or of his handwriting, be prima facie evidence of such resolution.
4(3)Where an application is made for authorizaiton to guarantee the repayment of any loan or issue of debentures made for a capital expense, a certified copy of the guarantee shall be submitted with the application.
5An authorization signed by the secretary of the Board shall be prima facie evidence of authorization on behalf of the Board.
6Regulation 111, Statutory Orders and Regulations, 1963, under the Municipal Capital Borrowing Act is repealed.
84-226
FORM 2
Repealed: 93-164
84-226; 93-164
N.B. This Regulation is consolidated to March 11, 2004.