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The Loan Act, 2013

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S.M. 2013, c. 3

Bill 50, 2nd Session, 40th Legislature

The Loan Act, 2013

(Assented to September 11, 2013)

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 $3,777,000,000.

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, 2012 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, 2013.


SCHEDULE

CAPITAL AUTHORITY FOR NON-BUDGETARY PROGRAMS FOR 2013-2014
$(000s)

Existing Authority New or Additional Authority TOTAL
Crown Corporations Council
Communities Economic Development Fund 8,380 6,800 15,180
The Manitoba Hydro-Electric Board 1,139,262 2,070,000 3,209,262
Manitoba Liquor and Lotteries Corporation*

Lotteries

191,489 90,400 281,889

Existing authority — $13,461,000 is for First Nations Capital Program

Additional authority — $1,100,000 is for First Nations Capital Program

Liquor

—    17,600 17,600
Aboriginal and Northern Affairs
Northern Affairs Communities 20,293 —    20,293
Advanced Education and Literacy
Manitoba Student Aid Program 2,320 29,476 31,796
Post-Secondary Institutions 106,880 2,678 109,558
International Education 330 —    330
Agriculture, Food and Rural Initiatives
Manitoba Agricultural Services Corporation 174,731 173,130 347,861
Conservation and Water Stewardship
Cottage Lots Development 6,971 —    6,971
Special Operating Agencies Financing Authority:

Pineland Forest Nursery

105 —    105
Culture, Heritage and Tourism
Travel Manitoba 1,500 —    1,500
Venture Manitoba Tours Ltd. 665 —    665
Entrepreneurship, Training and Trade
Manitoba Opportunities Fund Ltd. 159,298 —    159,298
Business Support 145,594 32,238 177,832
Manitoba Capital Fund —    —    —   
Manitoba Science and Technology Fund 682 —    682
Manitoba Film Guarantee Program 743 257 1,000
Finance
Leaf Rapids Town Properties Ltd. 500 500 1,000
Health
Health Capital Program 487,403 92,800 580,203
Diagnostic Services of Manitoba, Inc. 26,142 14,683 40,825
Healthy Living, Seniors and Consumer Affairs
Special Operating Agencies Financing Authority:

The Vital Statistics Agency

70 200 270
Housing and Community Development
Manitoba Housing and Renewal Corporation 181,649 408,733 590,382
Co-operative Loans and Loans Guarantee Board 4,360 —    4,360
Infrastructure and Transportation
Special Operating Agencies Financing Authority:

Vehicle and Equipment Management Agency

10,000 8,000 18,000

Crown Lands and Property Agency

—    5,000 5,000
Innovation, Energy and Mines
Special Operating Agencies Financing Authority:

Industrial Technology Centre

910 —    910
Local Government
Manitoba Water Services Board 70,051 —    70,051
2,740,328 2,952,495 5,692,823

 
*   Legislation to effect the merger of Manitoba Liquor Control Commission and Manitoba Lotteries Corporation was recently introduced.