Regulation BEFORE repealed by BC Reg 39/2019, effective March 6, 2019.
| B.C. Reg. 227/96 O.C. 961/96 | Deposited August 9, 1996 |
Local Government Act
Regional District of Okanagan-Similkameen
Borrowing Regulation
WHEREAS section 831.1 of the Local Government Act empowers the Regional District of Okanagan-Similkameen to borrow money for the purpose of paying into Court as security for the payment of a judgment or other debt and costs of an appeal from a decision of the Court or an arbitrator;
AND WHEREAS the Regional District has to date received an interim order of an arbitrator ordering that approximately $90 000 of legal costs be paid by the Regional District to Blackwell Stores Ltd.;
AND WHEREAS the Regional District will have to borrow further sums to cover its own legal costs in the arbitration and other actions between the Regional District and Blackwell Stores Ltd.;
IT IS HEREBY ORDERED that:
Arbitration order
1 For the purposes of borrowing an amount required to satisfy an order of the arbitrator, section 831.1 (1) (a) of the Local Government Act is modified so that the money borrowed for that purpose does not have to be paid into Court as security and may be paid directly to Blackwell Stores Ltd.
Legal costs
2 For the purpose of borrowing money for its own legal costs, section 831.1 (1) (a) of the Local Government Act is modified to permit the Regional District to borrow up to $300 000 to meet debts incurred for payment of its own legal costs without the necessity of an order of a Court to pay money into Court as security and to pay such money directly to the Regional District's solicitor.
Cost apportionment
3 Section 847 (2) and (3) of the Local Government Act1 applies to any monies borrowed for the purposes referred to in this order.
| 1 | R.S.B.C. 1996-323-847 (2) and (3), repealed by 2000-7-120. |
[Provisions of the Local Government Act, R.S.B.C. 1996, c. 323, relevant to the enactment of this regulation: section 799]