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Third Session, Thirty-Ninth 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 or view the online bilingual version (PDF).

Bill 34

THE LOAN ACT, 2009


Table of Contents

(Assented to                                         )

HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:

Definitions

1           The following definitions apply in this Act.

"agency" means a corporation or agency mentioned in the Schedule or to which money may be advanced under a program mentioned in the Schedule. (« 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 »)

Increase in government's borrowing authority

2           The authority of the government to borrow for purposes other than to refinance debt is increased by $2,300,000,000.

Borrowing authority of agency

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 the Schedule.  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.

Manner of raising money

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.

Abatement of government's borrowing authority

3(3)        An amount borrowed or raised under clause (2)(b) reduces, and must not exceed, the government's borrowing authority.

Agency guarantee abates 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).

L.G. in C. may authorize advances

4           The Lieutenant Governor in Council may authorize amounts to be advanced to agencies or for programs as set out in the Schedule.

Lapse of previous borrowing authority

5           Any unused authority under section 3 or 4 of The Loan Act, 2008 to borrow or advance an amount set out in a Schedule to that Act lapses except to the extent it is included in the Schedule to this Act.

Additional authority for loans and guarantees

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.

Authority to borrow

6(2)        An agency or other person that needs legislative authority to borrow an amount to be advanced to it by the government under section 63 of The Financial Administration Act is deemed to have that authority.

Coming into force

7           This Act is deemed to have come into force on April 1, 2009.

SCHEDULE

CAPITAL AUTHORITY FOR
NON-BUDGETARY PROGRAMS FOR 2009-2010
$(000s)
Existing Authority New or Additional Authority TOTAL
Crown Corporations Council
Communities Economic Development Fund 6,449.9 9,225.0 15,674.9
The Manitoba Hydro-Electric Board 711,137.5 535,000.0 1,246,137.5
The Manitoba Lotteries Corporation* 136,161.0 104,300.0 240,461.0

*Existing authority
— $11,661,000 is for First Nations Casino Development Additional authority
— $2,500,000 is for First Nations Casino Development

Aboriginal and Northern Affairs
Northern Affairs communities —    8,200.0 8,200.0
Advanced Education and Literacy
Manitoba Student Aid Program 31,018.1 13,926.0 44,944.1
Post Secondary Institutions* 47,728.5 116,829.0 164,557.5

*Existing authority
— $16,668,500 is for The University of Winnipeg

Agriculture, Food and Rural Initiatives
Cooperative Loans and Loan Guarantee Board 3,500.0 —    3,500.0
Manitoba Agricultural Services Corporation 144,030.4 60,332.0 204,362.4
Manitoba Farm Mediation Board 3,000.0 —    3,000.0
Rural Entrepreneur Assistance Program* 2,146.9 8,656.0 10,802.9
Community Works Loan Program* 458.2 —    458.2

*Existing authority for these programs is for Rural Economic Development Initiatives

Competitiveness, Training and Trade
International Education 356.6 —    356.6
Manitoba Capital Fund 636.8 —    636.8
Manitoba Film Guarantee Program 350.0 1,000.0 1,350.0
Business Support* 62,208.3 123,283.0 185,491.3

*Existing authority is for the Manitoba Industrial Opportunities Program

Manitoba Opportunities Fund Ltd. 91,341.4 137,329.0 228,670.4
Manitoba Science and Technology Fund 719.9 —    719.9
Conservation
Special Operating Agencies Financing Authority:

Pineland Forest Nursery

—    300.0 300.0
Culture, Heritage, Tourism and Sport
Travel Manitoba 1,500.0 —    1,500.0
Venture Manitoba Tours Ltd. 665.0 —    665.0
Family Services and Housing
Manitoba Housing and Renewal Corporation 80,578.3 131,333.0 211,911.3
Finance
Leaf Rapids Town Properties Ltd. 1,000.0 1,000.0 2,000.0
Special Operating Agencies Financing Authority:

The Companies Office

2,500.0 800.0 3,300.0

The Property Registry

5,000.0 —    5,000.0

The Vital Statistics Agency

—    1,272.0 1,272.0
Health
Diagnostic Services of Manitoba, Inc. 21,386.1 4,268.0 25,654.1
Health Capital Program 287,755.5 30,186.0 317,941.5
Infrastructure and Transportation
Manitoba Water Services Board 48,510.8 5,740.0 54,250.8
Special Operating Agencies Financing Authority:

Vehicle and Equipment Management Agency

8,600.0 23,000.0 31,600.0
1,698,739.2 1,315,979.0 3,014,718.2