Debt Reserve Fund Replenishment Regulations (PDF Version)
Debt Reserve Fund Replenishment Regulations
SOR/2006-244
Registration October 5, 2006FIRST NATIONS FISCAL AND STATISTICAL MANAGEMENT ACT
Debt Reserve Fund Replenishment Regulations
P.C. 2006-1079 October 5, 2006Her Excellency the Governor General in Council, on the recommendation of the Minister of Indian Affairs and Northern Development, pursuant to subsection 84(5) and paragraph 89(c) of the First Nations Fiscal and Statistical Management Acta, hereby makes the annexed Debt Reserve Fund Replenishment Regulations.
Debt Reserve Fund Replenishment Regulations
"defaulting member" means a borrowing member whose failure to make a payment under a loan obligation agreement with the Authority or to pay a charge imposed to replenish the debt reserve fund under subsection 84(5) of the Act has led to a reduction in that fund.
(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
where
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A
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is the gross annual property tax revenue of the borrowing member, |
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B
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is the aggregate gross annual property tax revenue of all borrowing members, |
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C
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is the aggregate gross annual property tax revenue of defaulting members, |
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D
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is the amount of the shortfall in the debt reserve fund set out in the notice referred to in section 2, and |
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E
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is the total amount charged to all the defaulting members under section 3. |