" land"  includes the surface of water but does not include

(a) improvements,

(b) mines or minerals belonging to the Crown, or

(c) mines or minerals for which title in fee simple has been registered in the land title office,

except that, for the purposes of assessment and taxation, it has the same meaning as in the Assessment Act; .

  (1)  Despite sections 448 (a), 455 (1) and (2), (3) and (5), 458 and 461 (1) and (2), if there is provision in this Act to acquire real property and related personal property, a council may, by bylaw, enter into a lease or other agreement for that purpose, and may, by bylaw, enter into a mortgage, or other obligation to pay money, to secure an amount owing under the lease or agreement as follows:

(a) without the assent of the electors, if the lease, agreement, mortgage or obligation is for 10 years or less;

(b) with the assent of the electors, if the lease, agreement, mortgage or obligation is for a term longer than 10 years;

(c) without the assent of the electors, if the lease, agreement, mortgage or obligation is with the Provincial government or the government of Canada, a statutory authority of either of them, a Crown corporation or agency or a board of school trustees;

(d) without the assent of the electors, if the premises are leased for public library purposes;

(e) without the assent of the electors, if

(i)  the real property is being acquired for a purpose authorized by section 303,

(ii)  all or part of the money payable under the lease or agreement is secured by a mortgage or other obligation to pay money on the real property being acquired, and

(iii)  the term of payment of the mortgage or other security is not longer than 25 years.

(2)  Except as permitted under subsection (1) (c), a council may not enter into a lease or other agreement under this section if the term of the lease or the performance of an obligation under the lease or agreement is longer than 30 years.