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The Loan Act, 2015

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S.M. 2015, c. 47

Bill 47, 4th Session, 40th Legislature

The Loan Act, 2015

(Assented to November 5, 2015)

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 $3,678,000,000.

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, 2014 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, 2015.

SCHEDULE

CAPITAL AUTHORITY FOR

NON-BUDGETARY PROGRAMS FOR 2015-2016
$(000s)

Existing Authority New or Additional Authority TOTAL
Crown Corporations Council
Communities Economic Development Fund —    18,000 18,000
The Manitoba Hydro-Electric Board 1,804,384 2,337,000 4,141,384
The Manitoba Liquor and Lotteries Corporation (MLLC) 169,879 31,200 201,079
MLLC — First Nations Capital Program 28,254 —    28,254
Aboriginal and Northern Affairs
Northern Affairs Communities 4,445 16,039 20,484
Agriculture, Food and Rural Development
Manitoba Agricultural Services Corporation 145,808 145,353 291,161
Conservation and Water Stewardship
Cottage Lots Development 1,228 —    1,228
Special Operating Agencies Financing Authority:

Pineland Forest Nursery

100 830 930
Education and Advanced Learning
Manitoba Student Aid Program 3,036 39,608 42,644
Post-Secondary Institutions 17,961 164,795 182,756
Public Schools Finance Board —    237,872 237,872
International Education 330 —    330
Finance
Leaf Rapids Town Properties Ltd. —    2,000 2,000
Special Operating Agencies Financing Authority:

Vehicle and Equipment Management Agency

8,000 27,000 35,000
Health, Healthy Living and Seniors
Health Capital Program 616,376 —    616,376
Diagnostic Services of Manitoba, Inc. 21,342 4,590 25,932
Housing and Community Development
Manitoba Housing and Renewal Corporation 498,971 39,987 538,958
Co-operative Loans and Loans Guarantee Board 3,500 2,140 5,640
Infrastructure and Transportation
Special Operating Agencies Financing Authority:

Crown Lands and Property Agency

5,000 —    5,000
Jobs and the Economy
Manitoba Opportunities Fund Ltd. 24,959 —    24,959
Business Support 166,276 —    166,276
Manitoba Science and Technology Fund 669 —    669
Manitoba Film Guarantee Program 1,225 —    1,225
Special Operating Agencies Financing Authority:

Industrial Technology Centre

910 —    910
Municipal Government
Manitoba Water Services Board 62,846 24,074 86,920
Tourism, Culture, Heritage, Sport and Consumer Protection
Sport Manitoba Inc. 2,576 13,300 15,876
Travel Manitoba 1,500 —    1,500
Venture Manitoba Tours Ltd. 665 —    665
Special Operating Agencies Financing Authority:

Vital Statistics Agency

250 —    250
3,590,490 3,103,788 6,694,278