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Fifth 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 53

THE LOAN ACT, 2011


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 $3,300,000,000.

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, 2010 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, 2011.

SCHEDULE

CAPITAL AUTHORITY FOR
NON-BUDGETARY PROGRAMS FOR 2011-2012

$(000s)
Existing Authority New or Additional Authority TOTAL

Crown Corporations Council
Communities Economic Development Fund 10,850 6,800 17,650
The Manitoba Hydro-Electric Board 333,465 595,000 928,465
The Manitoba Lotteries Corporation* 108,061 70,700 178,761

*Existing authority — $14,561,000 is for First Nations Capital Program

Additional authority — $6,700,000 is for First Nations Capital Program

Aboriginal and Northern Affairs
Northern Affairs Communities 5,850 8,784 14,634
Advanced Education and Literacy
Manitoba Student Aid Program 20,044 23,356 43,400
Post Secondary Institutions 151,171 121,017 272,188
International Education 357 —    357
Agriculture, Food and Rural Initiatives
Manitoba Agricultural Services Corporation 100,910 95,539 196,449
Manitoba Farm Mediation Board 120 —    120
Community Works Loan Program* 459 —    459

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

Conservation
Special Operating Agencies Financing Authority:

Pineland Forest Nursery

285 —    285
Culture, Heritage and Tourism
Travel Manitoba 1,500 —    1,500
Venture Manitoba Tours Ltd. 665 —    665
Entrepreneurship, Training and Trade
Manitoba Capital Fund 637 —    637
Manitoba Film Guarantee Program 871 300 1,171
Business Support* 146,252 —    146,252

*Existing authority — $33,267,000 is for the Manitoba Industrial Opportunities Program

Manitoba Opportunities Fund Ltd. 97,946 111,656 209,602
Manitoba Science and Technology Fund 694 —    694
Family Services and Consumer Affairs
Special Operating Agencies Financing Authority:

The Companies Office

1,970 —    1,970

The Property Registry

4,100 —    4,100

The Vital Statistics Agency

500 —    500
Finance
Leaf Rapids Town Properties Ltd. 1,500 —    1,500
Health
Diagnostic Services of Manitoba, Inc. 5,750 10,380 16,130
Health Capital Program 368,042 212,161 580,203
Housing and Community Development
Manitoba Housing and Renewal Corporation 211,876 140,000 351,876
Cooperative Loans and Loan Guarantee Board 3,500 —    3,500
Infrastructure and Transportation
Manitoba Water Services Board 56,804 12,335 69,139
Special Operating Agencies Financing Authority:

Vehicle and Equipment Management Agency

12,100 11,000 23,100
Innovation, Energy and Mines
Special Operating Agencies Financing Authority:

Industrial Technology Centre

910 —    910
1,647,189 1,419,028 3,066,217

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