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1st Session, 40th 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 41

THE LOAN ACT, 2012


Bilingual version (PDF)

(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 $3,000,000,000.

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).

LG 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, 2011 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, 2012.

SCHEDULE

CAPITAL AUTHORITY FOR NON-BUDGETARY PROGRAMS FOR 2012-2013
$(000s)

Existing Authority New or Additional Authority TOTAL
Crown Corporations Council
Communities Economic Development Fund 10,680 6,800 17,480
Manitoba Hydro-Electric Board 415,332 1,490,000 1,905,332
Manitoba Lotteries Corporation* 136,811 177,800 314,611

*Existing authority — $20,811,000 is for First Nations Capital Program

Additional authority — $16,800,000 is for First Nations Capital Program

 
Aboriginal and Northern Affairs
Northern Affairs Communities 10,634 9,659 20,293
 
Advanced Education and Literacy
Manitoba Student Aid Program 14,722 19,098 33,820
Post-Secondary Institutions 116,393 86,005 202,398
International Education 330 —    330
 
Agriculture, Food and Rural Initiatives
Manitoba Agricultural Services Corporation 90,260 225,526 315,786
Manitoba Farm Mediation Board 70 —    70
 
Conservation and Water Stewardship
Cottage Lots Development —    6,971 6,971
Special Operating Agencies Financing Authority:

Pineland Forest Nursery

285 156 441
 
Culture, Heritage and Tourism
Travel Manitoba 1,500 —    1,500
Venture Manitoba Tours Ltd. 665 —    665
 
Entrepreneurship, Training and Trade
Manitoba Opportunities Fund Ltd. 154,802 38,726 193,528
Business Support* 120,449 28,524 148,973

*Existing authority — $25,803,000 is for the Manitoba Industrial Opportunities Program

Manitoba Capital Fund 637 —    637
Manitoba Science and Technology Fund 684 —    684
Manitoba Film Guarantee Program 1,025 29 1,054
 
Finance
Leaf Rapids Town Properties Ltd. 1,000 —    1,000
 
Health
Health Capital Program 455,203 125,000 580,203
Diagnostic Services of Manitoba, Inc. 16,130 10,012 26,142
 
Healthy Living, Seniors and Consumer Affairs
Special Operating Agencies Financing Authority:

The Property Registry

2,400 3,600 6,000

The Vital Statistics Agency

70 —    70
 
Housing and Community Development
Manitoba Housing and Renewal Corporation 198,155 167,069 365,224
Co-operative Loans and Loans Guarantee Board 3,500 1,500 5,000
 
Infrastructure and Transportation
Special Operating Agencies Financing Authority:

Vehicle and Equipment Management Agency

10,600 19,000 29,600
 
Innovation, Energy and Mines
Special Operating Agencies Financing Authority:

Industrial Technology Centre

910 —    910
 
Local Government
Manitoba Water Services Board 60,339 17,590 77,929
1,823,586 2,433,065 4,256,651

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