S.M. 1991-92, c. 46
Bill 72, 2nd Session, 35th Legislature
The Loan Act, 1991
|Table of Contents|
(Assented to July 26, 1991)
HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:
In this Act, "corporation" means a corporation mentioned in Schedule A or B unless otherwise indicated.
The Lieutenant Governor in Council may authorize the raising, by way of loan or loans, upon the credit of the government in accordance with the provisions of The Financial Administration Act and upon the credit of a corporation in accordance with its governing legislation, any sum or sums of money not exceeding in the aggregate the net sum of $800,000,000 that may be considered necessary for making any payments authorized or required by this Act or any subsequent Loan Act to be made out of the Consolidated Fund or for reimbursing the Consolidated Fund for any such payment made therefrom.
Subject to section 2, each corporation, other than The Manitoba Farm Mediation Board, Co-operative Loans and Loans Guarantee Board and Communities Economic Development Fund, may, with the approval of the Lieutenant Governor in Council, by the issue and sale of its securities raise money by way of loan to the extent but not exceeding in the case of each corporation, the amount appearing opposite its name in Schedule A or B, as the case may be, reduced by the amount, if any, that the government has advanced to it or that has been authorized to be advanced to it under this Act.
To the extent that a corporation raises money by way of loan as provided in subsection (1), the amount that may, on the authority of the Lieutenant Governor in Council, be advanced to it under section 4 is abated.
To the extent that a corporation raises money by way of loan as provided in subsection (1), the amount that the government may, on the authority of the Lieutenant Governor in Council, raise by way of loan or loans on the credit of the government under section 2 is abated.
The Lieutenant Governor in Council may authorize the expenditure of money for the purposes designated in Schedule A in the amount appearing opposite each designation in Schedule A.
The expenditure authority provided in subsection (1) is in addition to authority previously voted in annual Loan Acts but not yet expended or abated as set out in Schedule B and expenditures authorized pursuant to such previously voted authority shall be deemed to be authorized pursuant to this Act.
Any expenditure authority provided in Schedule A or B of The Loan Act, 1990 and not included in Schedule B lapses and shall be written off.
A recital or declaration in an Order of the Lieutenant Governor in Council authorizing the expenditure of moneys under this Act, that it is necessary that an advance, loan, purchase of stock or guarantee be defined as an expenditure for the purposes of this Act shall be conclusive proof of that fact.
The Minister of Finance shall, at least monthly, establish a schedule of interest rates to apply on advances made under this Act and such rates shall be not less than the rate of interest estimated at the time the rates are established to be the Province's cost of borrowing for the term over which the repayment of the advance is to be made.
In addition to expenditure authority granted under section 4, authority is granted to the government to make expenditures not to exceed in total an estimated aggregate amount of $200,000,000 for any purposes that the Minister of Finance, with the approval of the Lieutenant Governor in Council, may designate.
Additional expenditure authority provided under subsection (1) may not be expended before April 1, 1992, but, with the approval of the Lieutenant Governor in Council, commitments may be made before and after that date for the expenditure of the money.
An expenditure made under this section and the amount of an expenditure required to be made as a result of a commitment under this section shall be included in Schedule A to The Loan Act of the fiscal year during which the expenditure is or is expected to be made.
Money advanced by the government to a corporation or raised by a corporation pursuant to this Act by the issue and sale of its securities shall be expended by that corporation for its purposes.
Nothing in this Act limits
(a) the power of the corporations to raise money by way of loan under the respective Acts governing them for the purpose of repayment, refunding, refinancing or renewal of the whole or any part of any loan or advance made to a corporation by the government, or of securities issued by a corporation; or
(b) the authority of the corporations to exercise any of the powers granted by those Acts for any of the purposes mentioned in this section.
The government may, on any terms that may be approved by the Lieutenant Governor in Council, guarantee the payment of the principal, interest and premium, if any, of any securities issued by a corporation pursuant to this Act to secure the repayment of money borrowed under the authority of this Act.
The Lieutenant Governor in Council may
(a) establish and approve loan programs in respect of the purposes designated in Schedules A and B; and
(b) determine the form and nature of a program established under clause (a) and the terms and conditions under which assistance will be provided.
The money necessary for carrying out the loan programs established under subsection (1) may be expended by the government
(a) from money authorized to be expended under this Act to an amount not exceeding in the aggregate the sum set out opposite each specific designation in Schedule A or B, as the case may be;
(b) from money authorized to be so paid and applied under any other Act of the Legislature.
The powers and authority herein granted to and conferred upon the Lieutenant Governor in Council or the government or the corporations do not affect but are in addition to the power and authority conferred on them by any other Act.
This Act is retroactive and is deemed to have come into force on April 1, 1991.
|The Manitoba Hydro-Electric Board — Conawapa and Bipole III||$500,000,000|
|The Manitoba Hydro-Electric Board||245,300,000|
|The Manitoba Telephone System||33,000,000|
|Hudson Bay Mining and Smelting Co. Limited, modernization project||49,000,000|
Industrial Opportunities Program
|Manitoba Hazardous Waste Management Corporation||5,044,700|
|The Manitoba Water Services Board||2,000,000|
|Rural Development Bonds Program||10,000,000|
Expenditure Authority as at April 1, 1991 not yet expended or abated
|The Manitoba Hydro-Electric Board — Limestone||$614,142,738|
|The Manitoba Hydro-Electric Board||244,747,175|
|The Manitoba Housing and Renewal Corporation||122,100,000|
|The Manitoba Telephone System||110,000,000|
|The Manitoba Hospital Capital Finance Authority||80,010,500|
|The Manitoba Agricultural Credit Corporation||53,363,000|
|Vision Capital Fund||$23,789,840|
|Industrial Opportunities Program||17,127,129|
|Manufacturing Adaptation Program||2,000,000|
|Manitoba Development Corporation||35,000,000|
|Federal / Provincial Water and Sewer Agreement||33,500,000|
|The Manitoba Water Services Board||18,799,900|
|The Manitoba Farm Mediation Board||9,800,000|
|The University of Manitoba||9,153,089|
|Hudson Bay Mining and Smelting Co. Limited, modernization project||6,000,000|
|Communities Economic Development Fund||4,405,000|
|The Co-operative Loans and Loans Guarantee Board||2,680,000|
|Manitoba Hazardous Waste Management Corporation||1,611,000|
|Venture Manitoba Tours Ltd||1,162,500|