|
|
25 |
|
|
|
|
Third
Session, 46th General Assembly 59
Elizabeth II, 2010 |
|
|
AN ACT TO AMEND THE LOAN |
|
|
Received and Read the First Time................................................................................................... |
|
|
Second |
|
|
Committee............................................................................................................................................ |
|
|
Third |
|
|
Royal Assent...................................................................................................................................... |
|
|
HONOURABLE
THOMAS W. MARSHALL, Q.C. Minister
of Finance and President of Treasury Board |
|
|
Ordered
to be printed by the Honourable House of Assembly |
|
|
EXPLANATORY NOTES Clause 1 of the Bill would amend the Schedule to The Loan and Guarantee Act, 1957 as follows: Item 1 - Gray Aqua Group Inc. In April 2009, the minister provided an omnibus bank loan guarantee to Gray Aqua Group Inc. and a number of related companies under the Aquaculture Working Capital Loan Guarantee Initiative. The purpose of the guarantee was to support the establishment of an aquaculture salmon farming operation on the south coast of the province. The guarantee is structured so that the guaranteed amount changes annually based on Gray's maximum annual credit facility, with the guaranteed amount equal to 80% of the annual maximum. The provincial exposure under the guarantee will range from a low of $1.2 million to a high of $6.8 million and the guarantee will expire on July 1, 2014. Item 2 - Newfoundland and Labrador Immigrant Investor Fund Limited Newfoundland and Labrador Immigrant Investor Fund Limited, a Crown corporation, was established in April 2005 to receive and invest the province's monthly allocation of funds received from participation in the Government of Canada's redesigned business immigration program. Money received from immigrant investors is to be repaid by participating provincial funds after 5 years and each province provides a guarantee of repayment. This current amendment to the Schedule to the Act secures the repayment of the total of the monthly allocations in the amount of $51,666,812 which were received by the Newfoundland and Labrador Immigrant Investor Fund Limited during the fiscal year 2008-2009. This brings the total amount of allocations guaranteed by the province to $201,266,132 as at March 31, 2009. Clause 2 of the Bill would amend the Schedule to the Act, as enacted by chapter 6 of 2005, by increasing the guaranteed amount to the Stephenville Airport Corporation to $600,000. The province has been providing guarantee support in the amount of $350,000 to the Stephenville Airport Corporation since 2005. |
|||||||||||||||
|
A AN ACT TO
AMEND THE LOAN Analysis 1. Schedule Amdt. 2.
2005 c6 Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows: 1957 No.70 1. The
Schedule to The Loan and Guarantee Act,
1957 is amended by adding the following:
2005 c6 2. The Schedule to the Act is further amended by amending Item 2 - Stephenville Airport Corporation, as enacted by chapter 6 of 2005, by striking out the amount "$350,000" and substituting the amount "$600,000". ŠEarl G. Tucker, Queen's Printer |