189. Where a loan by-law provides that the Community may contract a loan in Canadian dollars or in any other currency, the total loan amount authorized is the amount expressed in Canadian dollars.
In establishing the amount in Canadian dollars of a loan contracted in another currency, depending on whether or not the proceeds of the loan are converted into Canadian dollars before being paid to the Community, the value used is the prevailing value of the unit of the other currency in relation to the Canadian dollar either at the time of the conversion or at noon on the day of payment.
Where all or part of the proceeds of a loan are used to renew a loan previously contracted by the Community, for all or part of the unexpired term of the latter loan, the amount used for the renewal is not subtracted from the balance of the loan amount authorized by the by-law, irrespective of the value of the unit of the currency in which the loan is contracted.
2000, c. 56, s. Sch. VI, 189.