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The Loan Act, 2016

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S.M. 2016, c. 12

Bill 13, 1 st Session, 41st Legislature

The Loan Act, 2016

(Assented to June 30, 2016)

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 $4,050,000,000.

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, 2015 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, 2016.

SCHEDULE

CAPITAL AUTHORITY FOR

NON-BUDGETARY PROGRAMS FOR 2016-2017
$(000s)

Existing Authority New or Additional Authority TOTAL  
Crown Services
The Manitoba Hydro-Electric Board 2,092,516 2,578,000 4,670,516
The Manitoba Liquor and Lotteries Corporation (MLLC) 132,579 67,200 199,779
MLLC — First Nations Capital Program 27,454 —    27,454
Agriculture
Manitoba Agricultural Services Corporation 54,390 239,439 293,829
Education and Training
International Education 330 —    330
Manitoba Student Aid Program 16,608 40,500 57,108
Post-Secondary Institutions 63,778 51,083 114,861
The Public Schools Finance Board 209,277 111,689 320,966
Families
The Manitoba Housing and Renewal Corporation 350,503 56,441 406,944
Finance
Leaf Rapids Town Properties Ltd. 1,000 4,175 5,175
Special Operating Agencies Financing Authority:

Vehicle and Equipment Management Agency

6,000 29,000 35,000
Growth, Enterprise and Trade
Business Support 151,692 —    151,692
Communities Economic Development Fund 13,000 8,700 21,700
The Cooperative Loans and Loans Guarantee Board 4,031 517 4,548
Special Operating Agencies Financing Authority:

Industrial Technology Centre

910 —    910
Manitoba Film Loan Guarantee Program 1,225 —    1,225
Manitoba Opportunities Fund Ltd. 9,044 —    9,044
Manitoba Science and Technology Fund 667 —    667
Travel Manitoba 1,500 —    1,500
Venture Manitoba Tours Ltd. 665 —    665
Health, Seniors and Active Living
Diagnostic Services of Manitoba, Inc. 25,932 31,954 57,886
Health Capital Program 417,761 37,476 455,237
Indigenous and Municipal Relations
The Manitoba Water Services Board 62,220 19,511 81,731
Northern Affairs Communities 15,484 7,229 22,713
Infrastructure
Special Operating Agencies Financing Authority:

Crown Lands and Property Agency

5,000 —    5,000
Justice
Special Operating Agencies Financing Authority:

Vital Statistics Agency

250 —    250
Sport, Culture and Heritage
Sport Manitoba Inc. 11,330 424 11,754
Sustainable Development
Cottage Lots Program 1,228 415 1,643
Special Operating Agencies Financing Authority:

Pineland Forest Nursery

150 —    150
3,676,524 3,283,753 6,960,277