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S.M. 2004, c. 47
Bill 51, 2nd Session, 38th Legislature
The Loan Act, 2004
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(Assented to June 10, 2004)
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 »)
The authority of the government to borrow for purposes other than to refinance debt is increased by $1,100,000,000.
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.
An amount borrowed or raised under clause (2)(b) reduces, and must not exceed, the government's 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).
The Lieutenant Governor in Council may authorize amounts to be advanced to agencies or for programs as set out in Schedules A and B.
Any unused authority under section 3 or 4 of The Loan Act, 2003 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.
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 $200,000,000.
An agency or other person that needs legislative authority to borrow an amount to be advanced to it by the government under 63 of The Financial Administration Act is deemed to have that authority.
This Act is retroactive and is deemed to have come into force on April 1, 2004.
The Loan Act, 2004 — Schedule A
Incremental Capital Authority Requirements For Non-Budgetary Programs, 2004/05
|The Manitoba Hydro-Electric Board||$ 629,200,000|
|Health Capital Program||97,800,000|
|The Manitoba Agricultural Credit Corporation||57,500,000|
|Manitoba Opportunities Fund Ltd.||31,000,000|
|Manitoba Student Aid Program||17,500,000|
|Manitoba Industrial Opportunities Program||15,800,000|
|Manitoba Housing and Renewal Corporation||13,720,000|
|Communities Economic Development Fund||12,600,000|
|Manitoba Lotteries Corporation||9,050,000|
|Special Operating Agencies Financing Authority — Fleet Vehicles Agency||7,000,000|
|Diagnostic Services Manitoba||4,000,000|
|Rural Economic Development Initiatives||1,650,000|
|Venture Manitoba Tours Ltd||1,615,000|
|Manitoba Film Guarantee Program||480,000|
|Manitoba Potash Corporation||195,000|
The Loan Act, 2004 — Schedule B
Expenditure Authority as at April 1, 2004 not yet expended or abated
|Health Capital Program||$ 279,299,693|
|The Manitoba Agricultural Credit Corporation||153,379,181|
|Manitoba Lotteries Corporation||115,000,000|
|Manitoba Industrial Opportunities Program||71,886,179|
|The Manitoba Hydro-Electric Board||60,000,000|
|Manitoba Student Aid Program||46,186,934|
|The Manitoba Water Services Board||41,799,900|
|Red River Floodway Renewal and Expansion||37,850,000|
|Manitoba Lotteries Corporation — First Nations Casino Development||25,300,000|
|The Manitoba Housing and Renewal Corporation||21,466,079|
|Diagnostic Services Manitoba||13,000,000|
|The Manitoba Farm Mediation Board||6,300,000|
|Communities Economic Development Fund||6,486,975|
|Special Operating Agencies Financing Authority|
|Food Development Centre||5,956,893|
|Fleet Vehicles Agency||4,000,000|
|The Co-operative Loans and Loans Guarantee Board||3,500,000|
|Red River College||2,250,000|
|Rural Economic Development Initiatives||1,869,762|
|Manitoba Science and Technology Fund||888,930|
|Venture Manitoba Tours Ltd.||700,000|
|Manitoba Capital Fund||636,800|
|Vision Capital Fund||181,014|
|Manitoba Potash Corporation||60,000|