This is an official version.

Copyright © 2005: Queen’s Printer,
St. John's, Newfoundland and Labrador, Canada

Important Information
(Includes details about the availability of printed and electronic versions of the Statutes.)

Statutes of Newfoundland and Labrador 2005


CHAPTER 36

AN ACT TO AMEND THE MUNICIPAL FINANCING CORPORATION ACT

(Assented to December 13, 2005)

Analysis


        1.   S.15 Amdt.
Guarantee of loans

        2.   S.19 Amdt.
Temporary loans


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

RSNL1990 cM-21 as amended

        1. Subsection 15(1) of the Municipal Financing Corporation Act is repealed and the following substituted:

Guarantee of loans

      15. (1) Subject to the prior approval of the Lieutenant-Governor in Council, the minister, acting on behalf of the Crown, may unconditionally guarantee as to principal, interest, including interest on overdue interest, premium and sinking fund payments, loans, in Canadian or United States of America currency or partly in one currency and partly in the other, as the Lieutenant-Governor in Council shall determine, not exceeding the total referred to in subsection (2), to be raised by the corporation, the loan to be raised by bonds, debentures or loan notes issued by the corporation, the bonds, debentures or loan notes to be issued

             (a)  in a principal amount not exceeding the sum;

             (b)  at a rate of interest;

             (c)  on the terms and conditions; and

             (d)  with provisions for redemption at the time

that may be approved by the Lieutenant-Governor in Council, or where the authority to do so is delegated to the minister by the Lieutenant-Governor in Council, by the minister, and the bonds, debentures or loan notes may be issued or sold in the numbers and amounts, at the times, at the prices and upon the terms that the Lieutenant-Governor in Council, or the minister, may approve.

 

        2. Subsection 19(1) of the Act is repealed and the following substituted:

Temporary loans

      19. (1) Subject to the prior approval of the Lieutenant-Governor in Council, the minister, acting on behalf of the Crown, may unconditionally guarantee as to principal and interest temporary loans, other than the interim loans referred to in section 15, to be raised by the corporation, in Canadian currency, not exceeding the total referred to in subsection (2), from a source approved by the Lieutenant-Governor in Council, the loan to be repaid by the corporation within a period, not exceeding 24 months, as may be approved by the Lieutenant-Governor in Council and to be

             (a)  in a principal amount not exceeding the sum;

             (b)  at a rate of interest, including interest on overdue interest and premium;

             (c)  at the discount; and

             (d)  on those other terms and conditions

that may be approved by the Lieutenant-Governor in Council, or where the authority to do so is delegated to the minister by the Lieutenant-Governor in Council, by the minister.