For information only: Made by the Minister of Municipal Affairs (M.O. MSD:024/22) on April 19, 2022 pursuant to sections 271 and 602.32 of the Municipal Government Act. 1 The Debt Limit Regulation (AR 255/2000) is amended by this Regulation. 2 The following is added before section 1: Part 1 Municipalities 3 Section 1 is repealed and the following is substituted: Interpretation 1(1) In this Part, "calculation time" means the point in time referred to in section 2. (2) The definitions in section 1 and 241 of the Act apply to this Part. 4 The following is added after section 6.1: Part 2 Regional Services Commissions Interpretation 6.2(1) In this Part, "calculation time" means, (a) when preparing the annual audited financial statements of the regional services commission, December 31 of the immediately preceding year, and (b) when making a borrowing, the date the regional services commission's board of directors passes a bylaw or resolution to authorize the borrowing. (2) The definitions in section 602.01(1) of the Act apply to this Part. Debt limit 6.3(1) The debt limit at the calculation time of a regional services commission that is authorized to provide public utility services is, (a) in respect of the regional services commission's total debt, 2 times the revenue of the regional services commission, and (b) in respect of the regional services commission's debt service, 0.35 times the revenue of the regional services commission in respect of the debt service. (2) The debt limit at the calculation time of a regional services commission that is authorized to provide services other than public utility services is, (a) in respect of the regional services commission's total debt, 0.5 times the revenue of the regional services commission, and (b) in respect of the regional services commission's debt service, 0.1 times the revenue of the regional services commission in respect of the debt service. Revenue 6.4 For the purposes of section 6.3, the revenue of a regional services commission is the total of all revenue reported in the most recent audited financial statement of the commission, excluding transfers from the governments of Alberta and Canada for the purposes of a capital property reported in that statement if those transfers are included in the total revenue, and before expenses are deducted. Total debt 6.5 For the purposes of section 6.3, the total debt of a regional services commission is the principal outstanding at the calculation time on borrowings made by the commission less the amount of principal that the commission is entitled to recover from another regional services commission or a municipality at the calculation time. Debt service 6.6(1) For the purposes of section 6.3, the debt service of the regional services commission at the calculation time is the sum of, (a) for borrowings made by the commission in which the commission is required to pay principal during the 12 months after the calculation time, the total amount of principal and interest that the commission will be required to pay in respect of those borrowings during the 12 months after the calculation time, and (b) for borrowings made by the commission in which the commission is not required to pay any principal during the 12 months after the calculation time, the total of the pro rata amounts in respect of those borrowings determined for the 12 months after the calculation time, less the amount that the commission is entitled to recover from another regional services commission or a municipality during the 12 months after the calculation time. (2) In subsection (1)(b), the pro rata amount for a borrowing at the calculation time is determined by the formula where "PRA" is the pro rata amount for the borrowing; "D" is the total amount of principal and interest that the regional services commission will be required to pay from the calculation time to the end of the amortization period of the borrowing; "E" is the number of months from the calculation time to the end of the amortization period of the borrowing. (3) For the purposes of determining D in the formula in subsection (2), if the actual rate of interest under a borrowing is not known at the calculation time for some or all of the payments under the borrowing, the rate of interest for those payments is determined by using the rate of interest in effect at the calculation time. Prescribed debt limit 6.7 Notwithstanding anything in this Part, the Minister may, on application by a regional services commission and on the regional services commission providing to the Minister a business plan that is acceptable to the Minister, prescribe a different debt limit for that regional services commission. Annual financial statement disclosure 6.8(1) Section 276 of the Act applies to each regional services commission as if it were a municipality and as if the reference to "council" in section 276(3) were a reference to "board". (2) For the purposes of applying subsection (1), the reference in section 276(1)(b) of the Act to a ministerial regulation is to be treated as a reference to this Part. Part 3 Repeal and Expiry 5 The following is added after section 7: Repeal 7.1 The Regional Services Commission Debt Limit Regulation (AR 76/2000) is repealed. 6 Section 8 is amended by striking out "December 31, 2022" and substituting "November 30, 2032".