Nunavut, Canada, local Obligatory referendum [LOR] - Approval by the ratepayers

General Typology

Instrument
Obligatory referendum [LOR]
Location
Nunavut, Canada
Political level
local
Local Name:
Approval by the ratepayers
Normative Level:
statutory
Legally Binding:
yes
Legally Defined:
BORROWING

Prohibition

148. No municipal corporation shall borrow money except in accordance with this Act or the Nunavut Housing Corporation Act. S.Nu. 2012,c.17,s.5(9).

Approval by ratepayers

(3) Every long-term borrowing by-law made under this section must be approved by the ratepayers, unless the by-law is exempted by the Minister under subsection (6) or the regulations, or the borrowing is for a local improvement.

Exemption by order of Minister

(6) The Minister may, by order, exempt a long-term borrowing by-law from the requirement for ratepayer approval under subsection (3) where

(a) the money to be secured by way of long-term debt security is to be used to

(i) finance a project other than a local improvement, or

(ii) refinance an existing long-term debt security; and

(b) the general revenues of the municipal corporation are to bear no part of the cost of the activities referred to in paragraph (a).

References: Cities, Towns And Villages Act, (2014)

Subject Matter:

To approve long-term borrowing

Actors

Author:
Municipal Council
Initiator:
Law
Decision maker:
Electorate

Requirements

Available Time:
Turnout Quorum:
None
Approval Quorum:
Majority
Geographical Quorum:
Non
Excluded Issues:

Borrowing for local improvement

Other Formal Requirements:

If not exempted by the Minister under subsection (6) or the regulations, or the borrowing is for a local improvement.

Procedural Elements

Wording Of Ballot Question:
Interaction With Authorities:
Supervision And Support:
Transparency And Finance:

Practice

Archive:
Remarks: