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The Loan Act, 2017

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S.M. 2017, c. 43

Bill 43, 2 nd Session, 41st Legislature

The Loan Act, 2017

(Assented to November 10, 2017)

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 $4,457,000,000.

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, 2016 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, 2017.

SCHEDULE

CAPITAL AUTHORITY FOR

NON-BUDGETARY PROGRAMS FOR 2017-2018
$(000s)

Existing Authority New or Additional Authority TOTAL  
Crown Services
The Manitoba Hydro-Electric Board 2,658,953 2,339,000 4,997,953
The Manitoba Liquor and Lotteries Corporation (MLLC) 144,779 32,000 176,779
MLLC — First Nations Capital Program 22,243 —    22,243
Agriculture
Manitoba Agricultural Services Corporation 63,127 231,271 294,398
Education and Training
Manitoba Student Aid Program 22,608 32,592 55,200
Post-Secondary Institutions 76,644 —   76,644
The Public Schools Finance Board 208,835 144,183 353,018
Families
The Manitoba Housing and Renewal Corporation 278,662 20,840 299,502
Finance
Leaf Rapids Town Properties Ltd. 4,675 2,000 6,675
Special Operating Agencies Financing Authority:

Vehicle and Equipment Management Agency

8,000 20,000 28,000
Growth, Enterprise and Trade
Business Support 150,392 —    150,392
Communities Economic Development Fund 9,950 10,200 20,150
The Cooperative Loans and Loans Guarantee Board 4,501 —   4,501
Special Operating Agencies Financing Authority:

Industrial Technology Centre

250 —    250
Manitoba Film Loan Guarantee Program 1,225 —    1,225
Manitoba Opportunities Fund Ltd. 2,175 —    2,175
Manitoba Science and Technology Fund 667 —    667
Health, Seniors and Active Living
Diagnostic Services of Manitoba, Inc. 57,886 10,433 68,319
Health Capital Program 232,449 375,123 607,572
Indigenous and Northern Relations
Northern Affairs Communities 14,585 —   14,585
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
Municipal Relations
The Manitoba Water Services Board 65,331 42,108 107,439
Sustainable Development
Cottage Lots Program 1,486 —   1,486
Special Operating Agencies Financing Authority:

Pineland Forest Nursery

90 —    90
4,034,763 3,259,750 7,294,513