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Statutes of Newfoundland and Labrador 2002


Statutes of Newfoundland and Labrador 2002 Chapter 21

CHAPTER 21

AN ACT TO AUTHORIZE THE RAISING OF MONEY BY WAY OF LOAN BY THE PROVINCE

(Assented to December 19, 2002)

Analysis

1. Short title

2. Loan authorized

3. Limitation

4. Authority supplemental

5. Limitation under 2000 c20

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


Short title

1. This Act may be cited as the Loan Act, 2002.

Loan authorized

2. The Lieutenant-Governor in Council is authorized to raise by way of loan

(a) the sums of money that are required for the Consolidated Revenue Fund to make good, in whole or in part, actual or estimated deficiencies between provincial revenue and expenditures, or to provide for expenditures made or to be made;

(b) the sums of money that may be required, or may have been required since April 1, 2002, to retire, repay, renew or refund, in whole or in part, securities issued under this or another Act;

(c) the sums of money that may be paid, or may have been paid since April 1, 2002 into the Newfoundland and Labrador Government Sinking Fund or another sinking fund established for the retirement or repayment, in whole or in part, of securities issued under this Act or another Act; and

(d) the sums of money that may be paid, or may have been paid since April 1, 2002 into the Newfoundland and Labrador Pooled Pension Fund to reduce the unfunded liabilities of those pension plans to which the Pensions Funding Act applies.

Limitation

3. The principal amount of securities issued under the authority of this Act shall not exceed in the aggregate the sum of $200,000,000 in addition to the aggregate of

(a) all sums of money applied since April 1, 2002 to the retirement, repayment, renewal or refunding, in whole or in part, of securities issued under this or another Act;

(b) all sums of money applied since April 1, 2002 to the Newfoundland and Labrador Government Sinking Fund or another sinking fund established for the retirement or repayment, in whole or in part, of securities issued under this or another Act; and

(c) the sums of money applied since April 1, 2002 to the Newfoundland and Labrador Pooled Pension Fund to reduce the unfunded liabilities of those pension plans to which the Pensions Funding Act applies.

Authority supplemental

4. Subject to section 5, the sums of money authorized by section 2 to be raised for the purposes mentioned in that section are in addition to all sums of money authorized to be raised by way of loan under another Act.

Limitation under 2000 c20

5. Notwithstanding the Loan Act, 2000, the Lieutenant-Governor in Council may not, after the coming into force of this Act, raise by way of loan further sums of money under the Loan Act, 2000.

 

 

 

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