Financing Secured by Other Revenues Regulations

Marginal note:General adaptations

22 The Debt Reserve Fund Replenishment RegulationsFootnote ¹ are adapted as follows:

• Return to footnote ¹SOR/2006-244

• (a) in relation to a default on financing secured by other revenues,

  • (i) a reference to the debt reserve fund is to be read as a reference to the debt reserve fund established for financing secured by other revenues;

  • (ii) a reference to a borrowing member is to be read as a reference to a borrowing member that has received financing secured by other revenues; and

  • (iii) a reference to a defaulting member is to be read as a reference to a defaulting member in receipt of financing secured by other revenues.

• (b) in relation to a default on financing secured by property tax revenues,

  • (i) a reference to the debt reserve fund is to be read as a reference to the debt reserve fund established for financing secured by property tax revenues;

  • (ii) a reference to a borrowing member is to be read as a reference to a borrowing member that has received financing secured by property tax revenues; and

  • (iii) a reference to a defaulting member is to be read as a reference to a defaulting member in receipt of financing secured by property tax revenues.