Skip to main content
The Loan Act, 2007

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

S.M. 2007, c. 5

Bill 27, 1st Session, 39th Legislature

The Loan Act, 2007

(Assented to October 25, 2007)

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 $2,300,000,000.

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 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, 2006 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, 2007.

The Loan Act, 2007 — Schedule A

Incremental Capital Authority Requirements For Non-Budgetary Programs, 2007-08

The Manitoba Hydro-Electric Board $ 458,000,000
Manitoba Agricultural Services Corporation 73,613,900
Health Capital Program 61,379,300
Manitoba Housing and Renewal Corporation 41,313,900
The Manitoba Water Services Board 36,625,600
The Manitoba Lotteries Corporation 32,700,000
Diagnostic Services Manitoba 22,270,100
Manitoba Industrial Opportunities Program 22,052,300
The University of Winnipeg 19,000,000
Special Operating Agencies Financing Authority — Fleet Vehicles Agency 8,000,000
Manitoba Student Aid Program 7,508,400
Communities Economic Development Fund 4,600,000
Special Operating Agencies Financing Authority — Companies Office 2,050,000
Rural Economic Development Initiatives 1,873,400
Special Operating Agencies Financing Authority — The Property Registry 1,000,000
$791,986,900

The Loan Act, 2007 — Schedule B

Expenditure Authority as at April 1, 2007 not yet expended or abated

The Manitoba Hydro-Electric Board $ 558,897,400
Health Capital Program 245,417,600
Manitoba Agricultural Services Corporation 122,021,600
Manitoba Industrial Opportunities Program 88,192,800
Manitoba Opportunities Fund Ltd. 62,316,500
Manitoba Housing and Renewal Corporation 47,316,600
The Manitoba Lotteries Corporation 45,050,000
Manitoba Student Aid Program 42,709,700
The Manitoba Water Services Board 20,336,900
The Manitoba Lotteries Corporation — First Nations Casino Development 17,400,000
Diagnostic Services Manitoba 17,061,000
Communities Economic Development Fund 9,999,800
Rural Economic Development Initiatives 5,656,600
Manitoba Farm Mediation Board 3,000,000
Co-operative Loans and Loans Guarantee Board 3,500,000
Special Operating Agencies Financing Authority — Fleet Vehicles Agency 1,240,000
Manitoba Science and Technology Fund 768,000
Venture Manitoba Tours Ltd. 665,000
Manitoba Capital Fund 636,800
Manitoba Film Guarantee Program 580,600
International Education 486,600
$ 1,293,253,500