2005 BILL 14

	14


Second Session, 45th General Assembly 54 Elizabeth II, 2005
BILL 14
AN ACT TO AMEND THE LOAN AND GUARANTEE ACT, 1957
Received and Read the First Time
Second Reading
Committee
Third Reading
Royal Assent
HONOURABLE LOYOLA SULLIVAN Minister of Finance and President of Treasury Board
Ordered to be printed by the Honourable House of Assembly

EXPLANATORY NOTES

This Bill would amend the Schedule to The Loan and Guarantee Act, 1957 as follows:

Item 1 - Avalon Health Care Institutions Board

Order in Council 2004-425 authorized a loan guarantee for the Avalon Health Care Institutions Board, or a successor health authority, to cover that portion of the board's $13.5 million credit facility in excess of $7 million. The maximum amount of the province's guarantee is therefore $6.5 million. The guarantee will terminate on March 31, 2006 or the earlier date that may be appropriate after a plan for deficit reduction has been implemented.

Item 2 - Stephenville Airport Corporation

Order in Council 2005-066 authorized a loan guarantee not exceeding $350,000 in order to secure additional operating credit for the Stephenville Airport Corporation during the period of its restructuring. The guarantee will be secured through an assignment of the airport's accounts receivables and will terminate once the restructuring process has been completed.

A BILL

AN ACT TO AMEND THE LOAN AND
GUARANTEE ACT, 1957
Analysis

1. Schedule Amdt.

Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:

1957 No.70 as amended

1. The Schedule to The Loan and Guarantee Act, 1957 is amended by adding the following:

Company		Amount	Date of Issue	Expiry Date
Avalon Health Care Institutions Board	$	6,500,000	Feb. 7/05	Mar. 31/06
Stephenville Airport Corporation		350,000	Mar. 7/05	N/A