Financing Secured by Other Revenues Regulations

Version of section 23 from 2011-09-30 to 2016-03-31:


Marginal note:Adaptation to section 4

 Section 4 of the Regulations is adapted as follows:

Marginal note:Calculation of charges

4 On the expiry of the period referred to in subsection 2(1), the Authority shall send

  • (a) to the council of each defaulting member, a notice requiring that member to pay the charge determined under section 3; and

  • (b) to the council of each borrowing member that is not a defaulting member, a notice requiring that member to pay a charge equal to the amount determined by the formula

    [A / (B - C)] × (D - E)

    where

    A
    is the amount initially contributed by the borrowing member to the debt replenishment fund at the time the loan was made,
    B
    is the total amount initially contributed by all borrowing members to the debt replenishment fund at the time the loan was made,
    C
    is the sum of the amounts initially contributed by all defaulting members to the debt replenishment fund at the time the loan was made,
    D
    is the amount of the shortfall in the debt reserve fund set out in the notice referred to in section 2, and
    E
    is the amount charged to defaulting members under section 3.
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