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The Loan Act, 2006

This is an unofficial version.
If you need an official copy, contact Statutory Publications.

S.M. 2006, c. 3

Bill 45, 4th Session, 38th Legislature

The Loan Act, 2006

(Assented to June 13, 2006)

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

Definition

1           The following definitions apply in this Act.

"agency" means a corporation or agency mentioned in Schedule A or B or to which money may be advanced under a program mentioned in Schedule A or B. (« 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 $1,000,000,000.

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 Schedules A and B.  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 Schedules A and B.

Lapse of previous borrowing authority

5           Any unused authority under section 3 or 4 of The Loan Act, 2005 to borrow or advance an amount set out in a Schedule to that Act lapses except to the extent it is included in Schedule B 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 63 of The Financial Administration Act is deemed to have that authority.

Coming into force

7           This Act is retroactive and is deemed to have come into force on April 1, 2006.

The Loan Act, 2006 — Schedule A

Incremental Capital Authority Requirements For Non-Budgetary Programs, 2006-07


Manitoba Agricultural Services Corporation $ 98,252,000.
Health Capital Program 27,163,000.
Manitoba Student Aid Program 21,298,000
Manitoba Housing and Renewal Corporation 10,575,000.
Manitoba Industrial Opportunities Program 9,822,000.
The Manitoba Water Services Board 9,700,000.
Special Operating Agencies Financing Authority — Fleet Vehicles Agency 8,300,000.
Rural Economic Development Initiatives 5,114,000.
Communities Economic Development Fund 3,800,000.
Venture Manitoba Tours Ltd. 250,000.
Manitoba Potash Corporation 125,000.

$194,399,000.


The Loan Act, 2006 — Schedule B

Expenditure Authority as at April 1, 2006 not yet expended or abated

The Manitoba Hydro-Electric Board $ 608,897,370.
Health Capital Program 330,548,078.
Manitoba Agricultural Services Corporation 105,321,633.
Manitoba Opportunities Fund Ltd. 83,572,161.
Manitoba Industrial Opportunities Program 79,950,076.
The University of Manitoba 75,000,000.
The Manitoba Lotteries Corporation 45,050,000.
Manitoba Housing and Renewal Corporation 42,749,595.
Manitoba Student Aid Program 40,112,066.
The Manitoba Water Services Board 25,536,900.
The Manitoba Lotteries Corporation — First Nations Casino Development 17,400,000.
Diagnostic Services Manitoba 17,061,000.
Communities Economic Development Fund 13,199,812.
Manitoba Farm Mediation Board 6,300,000.
Co-operative Loans and Loans Guarantee Board 3,500,000.
Manitoba Science and Technology Fund 817,227.
Manitoba Capital Fund 636,800.
Manitoba Film Guarantee Program 580,600.
Rural Economic Development Initiatives 542,621.
International Education 486,600.
Venture Manitoba Tours Ltd. 415,000.
Vision Capital Fund 181,014.
Manitoba Potash Corporation 130,000.

$1,497,988,553.