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S.M. 2020, c. 20
Bill 66, 3rd Session, 42nd Legislature
The Loan Act, 2020-2021
(Assented to November 6, 2020)
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.
"government agency" means a government agency set out in the Schedule. (« organisme gouvernemental »)
"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 $3,055,000,000.
Subject to subsection (3), a government agency may borrow or raise for its purposes amounts not exceeding, in total, the amounts set out for the government agency in the Schedule. This is in addition to any amounts that a government 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 government 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 a government agency reduces, and must not exceed the lesser of,
(a) the government's borrowing authority; and
(b) the government agency's unused borrowing authority under subsection (1).
Any unused authority under section 3 or 4 of The Loan Act, 2019 to borrow an amount set out in the Schedule to that Act lapses.
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 $400,000,000.
A government 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 deemed to have come into force on April 1, 2020.
2020-2021 BORROWING AUTHORITY
|Agriculture and Resource Development|
|Manitoba Agricultural Services Corporation||213,100|
|The Manitoba Hydro-Electric Board||1,490,000|
|Manitoba Liquor and Lotteries Corporation||56,645|
|Economic Development and Training|
|Red River College||22,900|
|The Manitoba Housing and Renewal Corporation||92,658||Municipal Relations|
|The Manitoba Water Services Board||50,639|