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The Energy Rate Stabilization Amendment Act

S.M. 1989-90, c. 17

Bill 53, 2nd Session, 34th Legislature

The Energy Rate Stabilization Amendment Act

(Assented to December 13, 1989)

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

C.C.S.M. c. E115, amended

1           The Energy Rate Stabilization Act is amended by this Act.

Subsection 2(1) repealed

2           Subsection 2(1) is repealed.

Section 3 repealed

3           Section 3 is repealed.

Subsection 4(1) repealed

4           Subsection 4(1) is repealed.

Section 5 repealed

5           Section 5 is repealed.

Section 6 repealed

6           Section 6 is repealed.

Section 7, repeal and substitution

7           Section 7 is repealed and the following section is substituted:

Records to be kept by Minister of Finance

7           The Minister of Finance shall keep a separate record indicating

(a) the total of all moneys paid to Manitoba Hydro under sections 11.1 and 11.3; and

(b) the total of all moneys paid by Manitoba Hydro to the government under sections 11.1 and 11.3.

Section 10 repealed

8           Section 10 is repealed.

Sections 11.2 and 11.3 added

9           The following sections are added after section 11.1:

Additional foreign currency provision

11.2        With respect to foreign debt of Manitoba Hydro or of the government, the proceeds of which were advanced to Manitoba Hydro, outstanding on March 31, 1989, the Minister of Finance shall establish a provision in the accounts of the government equal to the fluctuation in the foreign currency value of such debt from the date of issue as determined by foreign exchange rates in effect on March 31, 1989.

Payments to or on behalf of Manitoba Hydro

11.3(1)     With respect to any foreign debt issue of Manitoba Hydro or the government, the proceeds of which were advanced to Manitoba Hydro, where the maturity or redemption date thereof is on or after April 1, 1989, the minister, on the maturity or redemption of such a debt issue, shall, subject to subsection (2), pay to or on behalf of Manitoba Hydro the net amount provided by the minister pursuant to section 11.2 to assist Manitoba Hydro in paying the redemption amount in excess of the Canadian principal equivalent of that debt issue.

Excess amount less than provided

11.3(2)     Where the excess amount under subsection (1) is less than the amount provided for the debt issue, the minister shall pay to or on behalf of Manitoba Hydro only the amount of the excess.

Manitoba Hydro repayment

11.3(3)     Where the redemption amount of a debt issue referred to in subsection (1) is less than the Canadian principal equivalent for that debt issue, Manitoba Hydro shall pay to the Minister of Finance the amount of the difference between the redemption amount and the Canadian principal equivalent but that payment shall not exceed the amount provided as an unrealized gain by the minister in respect of that issue.

Coming into force

10(1)       Subject to subsection (2), this Act comes into force on the day it receives royal assent but is retroactive and deemed to have come into force on April 1, 1989.

New section 11.2, March 31, 1989

10(2)       Section 11.2 of The Energy Rate Stabilization Act as enacted by section 9 of this Act comes into force on the day this Act receives royal assent but is retroactive and deemed to have come into force on March 31, 1989.