Short term paper rating

Temporary Borrowing under loan authorization bylaw – LGA Sec. 409 – a board that has adopted a loan authorization bylaw may, by bylaw, temporarily borrow money not exceeding the difference between the total amount authorized by the loan authorization bylaw and the amount already borrowed in relation to that bylaw. The process for obtaining a loan authorization bylaw can be found under the long term borrowing section under approval process. This bylaw is not reviewed or approved by the Ministry. Money borrowed under this section must be repaid or transferred to long term debt within 5 years from the first advance.

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