Second Session, Thirty-Ninth Legislature
This version is based on the printed bill that was distributed in the Legislature after First Reading. It is not the official version. If accuracy is critical, you can obtain a copy of the printed bill from Statutory Publications or view the online bilingual version (PDF).
THE LOAN ACT, 2008
|Table of Contents||Explanatory Note|
(Assented to )
HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:
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
The authority of the government to borrow for purposes other than to refinance debt is increased by $2,300,000,000.
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.
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
An amount borrowed or raised under clause (2)(b) reduces, and must not exceed, the government's borrowing authority.
Agency guarantee abates borrowing authority
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
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
Any unused authority under section 3 or 4 of The Loan Act, 2007 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
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 $200,000,000.
An agency or other person that needs legislative authority to borrow an amount to be advanced to it by the government under section 63 of The Financial Administration Act is deemed to have that authority.
This Act is retroactive and is deemed to have come into force on April 1, 2008.
The Loan Act, 2008 — Schedule A
Incremental Capital Authority Requirements For Non-Budgetary Programs, 2008-09
|The Manitoba Hydro-Electric Board||$ 786,000,000|
|Manitoba Agricultural Services Corporation||132,948,900|
|Health Capital Program||118,108,600|
|Manitoba Opportunities Fund Ltd.||104,718,500|
|Manitoba Housing and Renewal Corporation||62,646,800|
|The Manitoba Lotteries Corporation||46,750,000|
|Special Operating Agencies Financing Authority — Fleet Vehicles Agency||18,900,000|
|The Manitoba Water Services Board||13,048,300|
|Manitoba Student Aid Program||10,109,900|
|Rural Economic Development Initiatives||5,843,800|
|Communities Economic Development Fund||5,150,100|
|Special Operating Agencies Financing Authority — The Property Registry||4,000,000|
|Diagnostic Services Manitoba||1,189,000|
|Special Operating Agencies Financing Authority — Pineland Forest Nursery||1,137,000|
|Leaf Rapids Town Properties Ltd.||1,000,000|
|Special Operating Agencies Financing Authority — Companies Office||450,000|
|Manitoba Film Guarantee Program||197,100|
The Loan Act, 2008 — Schedule B
Expenditure Authority as at April 1, 2008 not yet expended or abated
|The Manitoba Hydro-Electric Board||$ 325,031,000|
|Health Capital Program||270,196,900|
|Manitoba Agricultural Services Corporation||117,543,700|
|Manitoba Industrial Opportunities Program||88,859,600|
|The Manitoba Lotteries Corporation||77,750,000|
|Manitoba Housing and Renewal Corporation||58,879,700|
|The Manitoba Water Services Board||47,062,500|
|Manitoba Student Aid Program||35,275,600|
|Diagnostic Services Manitoba||29,197,100|
|The University of Winnipeg||19,000,000|
|The Manitoba Lotteries Corporation — First Nations Casino Development||17,400,000|
|Communities Economic Development Fund||8,149,800|
|Special Operating Agencies Financing Authority — Fleet Vehicles Agency||4,900,000|
|Co-operative Loans and Loans Guarantee Board||3,500,000|
|Manitoba Farm Mediation Board||3,000,000|
|Manitoba Opportunities Fund Ltd.||2,595,200|
|Special Operating Agencies Financing Authority — Companies Office||2,050,000|
|Rural Economic Development Initiatives||1,975,500|
|Special Operating Agencies Financing Authority — The Property Registry||1,000,000|
|Manitoba Science and Technology Fund||754,300|
|Venture Manitoba Tours Ltd.||665,000|
|Manitoba Capital Fund||636,800|
|Manitoba Film Guarantee Program||402,900|