Definitions

1   In this regulation:

"Act" means the Community Charter;

"Prince Rupert" means the City of Prince Rupert.

Additional purpose for loan authorization bylaw

2   (1) In addition to the purposes set out in section 179 (1) of the Act, Prince Rupert may, by a loan authorization bylaw adopted with the approval of the inspector, incur a liability for the purpose of converting revenue anticipation debt incurred under section 177 of the Act into long term borrowing.

(2) Despite section 180 (1) of the Act, approval of the electors for a loan authorization bylaw adopted by Prince Rupert is not required for money borrowed for a purpose described in subsection (1).

(3) A bylaw under subsection (1)

(a) may be adopted only until December 31, 2005, and

(b) must not authorize a loan in excess of $7 million.