Fourth Session, Thirty-Eighth Legislature
This version is based on the printed bill that was distributed in the Legislature after First Reading. It is not the official version. If accuracy is critical, you can obtain a copy of the printed bill from Statutory Publications.
THE LOAN ACT, 2006
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(Assented to )
HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:
1 The following definitions apply in this Act.
"agency" means a corporation or agency mentioned in Schedule A or B or to which money may be advanced under a program mentioned in Schedule A or B. (« organisme »)
"government's borrowing authority" means the unused portion of the authority provided to the government under section 2, or under a similar provision of a previous Loan Act, to borrow money for purposes other than to refinance debt. (« pouvoir d'emprunt du gouvernement »)
2 The authority of the government to borrow for purposes other than to refinance debt is increased by $1,000,000,000.
3(1) Subject to subsection (3), an agency may borrow or raise for its purposes amounts not exceeding, in total, the amounts set out for the agency in Schedules A and B. This is in addition to any amounts that an agency may borrow
(a) to refinance debt; or
(b) under a statutory authority to borrow money for temporary purposes or working capital.
3(2) Amounts borrowed or raised under subsection (1) may be borrowed or raised
(a) by means of a loan from the government; or
(b) subject to subsection (3), by any other means authorized by the agency's governing legislation and approved by the Lieutenant Governor in Council.
3(3) An amount borrowed or raised under clause (2)(b) reduces, and must not exceed, the government's borrowing authority.
3(4) The amount of a guarantee provided by an agency reduces, and must not exceed the lesser of,
(a) the government's borrowing authority; and
(b) the agency's unused borrowing authority under subsection (1).
4 The Lieutenant Governor in Council may authorize amounts to be advanced to agencies or for programs as set out in Schedules A and B.
5 Any unused authority under section 3 or 4 of The Loan Act, 2005 to borrow or advance an amount set out in a Schedule to that Act lapses except to the extent it is included in Schedule B to this Act.
6(1) Until changed by another Act of the Legislature, the total of the loans and guarantees that the government provides under section 63 of The Financial Administration Act in a fiscal year must not exceed $200,000,000.
6(2) An agency or other person that needs legislative authority to borrow an amount to be advanced to it by the government under 63 of The Financial Administration Act is deemed to have that authority.
7 This Act is retroactive and is deemed to have come into force on April 1, 2006.
The Loan Act, 2006 — Schedule A
Incremental Capital Authority Requirements For Non-Budgetary Programs, 2006-07
|Manitoba Agricultural Services Corporation||$ 98,252,000.|
|Health Capital Program||27,163,000.|
|Manitoba Student Aid Program||21,298,000|
|Manitoba Housing and Renewal Corporation||10,575,000.|
|Manitoba Industrial Opportunities Program||9,822,000.|
|The Manitoba Water Services Board||9,700,000.|
|Special Operating Agencies Financing Authority — Fleet Vehicles Agency||8,300,000.|
|Rural Economic Development Initiatives||5,114,000.|
|Communities Economic Development Fund||3,800,000.|
|Venture Manitoba Tours Ltd.||250,000.|
|Manitoba Potash Corporation||125,000.|
The Loan Act, 2006 — Schedule B
Expenditure Authority as at April 1, 2006 not yet expended or abated
|The Manitoba Hydro-Electric Board||$ 608,897,370.|
|Health Capital Program||330,548,078.|
|Manitoba Agricultural Services Corporation||105,321,633.|
|Manitoba Opportunities Fund Ltd.||83,572,161.|
|Manitoba Industrial Opportunities Program||79,950,076.|
|The University of Manitoba||75,000,000.|
|The Manitoba Lotteries Corporation||45,050,000.|
|Manitoba Housing and Renewal Corporation||42,749,595.|
|Manitoba Student Aid Program||40,112,066.|
|The Manitoba Water Services Board||25,536,900.|
|The Manitoba Lotteries Corporation — First Nations Casino Development||17,400,000.|
|Diagnostic Services Manitoba||17,061,000.|
|Communities Economic Development Fund||13,199,812.|
|Manitoba Farm Mediation Board||6,300,000.|
|Co-operative Loans and Loans Guarantee Board||3,500,000.|
|Manitoba Science and Technology Fund||817,227.|
|Manitoba Capital Fund||636,800.|
|Manitoba Film Guarantee Program||580,600.|
|Rural Economic Development Initiatives||542,621.|
|Venture Manitoba Tours Ltd.||415,000.|
|Vision Capital Fund||181,014.|
|Manitoba Potash Corporation||130,000.|