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3rd Session, 41st Legislature

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Bill 32

THE LOAN ACT, 2018


Table of Contents 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 $3,812,000,000.

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, 2017 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, 2018.

SCHEDULE

CAPITAL AUTHORITY FOR NON-BUDGETARY PROGRAMS FOR 2018-2019
$(000s)
Existing Authority New or Additional Authority TOTAL
Crown Services
The Manitoba Hydro-Electric Board 1,995,222 2,083,000 4,078,222
The Manitoba Liquor and Lotteries Corporation (MLLC) 136,779 65,700 202,479
MLLC — First Nations Capital Program 21,883 —    21,883
Manitoba Centennial Centre Corporation —    35,500 35,500
Agriculture
Manitoba Agricultural Services Corporation 40,780 252,252 293 032
Education and Training
Manitoba Student Aid Program 28,092 60,584 88,676
Post-Secondary Institutions 54,747 54,747
The Public Schools Finance Board 259,023 259,023
Families
The Manitoba Housing and Renewal Corporation 222,712 96,918 319,630
Finance
Leaf Rapids Town Properties Ltd. 5,475 5,475
Special Operating Agencies Financing Authority:

Vehicle and Equipment Management Agency

10,000 5,000 15,000
Growth, Enterprise and Trade
Business Support 120,393 —    120,393
Communities Economic Development Fund 11,650 5,550 17,200
The Cooperative Loans and Loans Guarantee Board 4,501 4,501
Special Operating Agencies Financing Authority:

Industrial Technology Centre

250 —    250
Manitoba Opportunities Fund Ltd. 1,815 —    1,815
Manitoba Science and Technology Fund 667 —    667
Health, Seniors and Active Living
Shared Health Inc. 32,630 4,332 36,962
Health Capital Program 502,628 153,971 656,599
Indigenous and Northern Relations
Northern Affairs Communities 10,714 10,714
Infrastructure
Special Operating Agencies Financing Authority:

Crown Lands and Property Agency

4,905 550 5,455
Justice
Special Operating Agencies Financing Authority:

Vital Statistics Agency

250 —    250
Municipal Relations
The Manitoba Water Services Board 79,719 42,402 122,121
Sustainable Development
Cottage Lots Program 691 691
3,545,526 2,805,759 6,351,285