13(1)Subject to subsections (2) and (3), notwithstanding the provisions of the Municipal Capital Borrowing Act or any other general or special Act of the Legislature, no municipality or municipal enterprise shall borrow or raise money by the issue and sale of securities except from the Corporation, the Government of Canada or the Province.

13(2)A municipality or municipal enterprise may issue and sell securities having a term to maturity of less than one year to a chartered bank, trust company or a credit union as evidence of a temporary loan.

13(3)A municipality may issue and sell its securities to a reserve fund established by the municipality under section 101 or 117 of the Local Governance Act, a sinking fund established by the municipality under section 7 of the Municipal Debentures Act or a trust fund of which it is a trustee.

13(1)Subject to subsections (2) and (3), notwithstanding the provisions of the Municipal Capital Borrowing Act or any other general or special Act of the Legislature, no municipality or municipal enterprise shall borrow or raise money by the issue and sale of securities except from the Corporation, the Government of Canada or the Province.

13(2)A municipality or municipal enterprise may issue and sell securities having a term to maturity of less than one year to a chartered bank, trust company or a credit union as evidence of a temporary loan.

13(3)A municipality may issue and sell its securities to a reserve fund established by the municipality under section 90, 189 or 190.085 of the Municipalities Act, a sinking fund established by the municipality under section 7 of the Municipal Debentures Act or a trust fund of which it is a trustee.