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19 |
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First
Session, 46th General Assembly 57
Elizabeth II, 2008 |
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AN ACT TO AMEND THE LOAN |
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Received and Read the First Time................................................................................................... |
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Second |
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Committee............................................................................................................................................ |
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Third |
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Royal Assent...................................................................................................................................... |
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HONOURABLE
THOMAS W. MARSHALL, Q.C. Minister
of Finance and President of Treasury Board |
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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 by adding the Clause 2 of the Bill would amend the
Schedule to the Act, as enacted by chapter 11 of 1993, by extending the $50,000
loan guarantee for the Newfoundland Symphony Orchestra Association from Clause 3 of the Bill would amend the
Schedule to the Act, as enacted by chapter 7 of 2004, by increasing the net
provincial exposure from $9 million to $14 million for the Labrador-Grenfell
Regional Integrated Health Authority. Under authority of Order in Council 2002-297
the former Health Labrador Corporation put in place an operating line of credit
of $14 million, of which the province was guaranteeing drawdowns in excess of
$5 million, for a maximum net potential liability of $9 million. This guarantee, with no stated expiry date,
was ratified in an amendment to the Act in 2004. The Labrador-Grenfell
Regional Integrated Health Authority subsequently assumed all of the assets and
liabilities of the former Health Labrador Corporation and, in 2007, it was recognized
that the existing banking arrangement was no longer sufficient to meet peak
operating funding requirements of the new integrated health authority. Consequently, in October 2007, the authority
renegotiated its banking arrangements and increased its operating line of
credit to $24 million with the province guaranteeing drawdowns in excess of $10
milllion. Clause 3 of the Bill would also amend
the Schedule to the Act, as enacted by chapter 7 of 2004, by extending the $2.1
million loan guarantee for the Torngat Fish Producers Co-operative Society
Limited from |
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A AN ACT TO
AMEND THE LOAN Analysis 1. Schedule
Amdt. 2. 1993
c11 3. 2004
c7 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:
1993 c11 2. The Schedule to the Act is further amended by
amending Item 5 - Newfoundland Symphony Orchestra Association, as enacted by
chapter 11 of 1993, by striking out the date of expiry "Mar. 31/07"
and substituting the date of expiry "Aug. 31/10". 2004 c7 3. The Schedule to the Act is further amended by amending the Schedule, as enacted by chapter 7 of 2004, as follows: (a) Item 1 - Health Labrador Corporation (i) by striking out the company name "Health Labrador Corporation"
and substituting the company name "Labrador-Grenfell Regional Integrated
Health Authority", (ii) by striking out the statutory amount "9,000,000" and substituting
the statutory amount "14,000,000", and (iii) by striking out the date of issue "Nov. 6/02" and substituting
the date of issue "Oct. 23/07"; and (b) Item 3 - Torngat Fish Producers Co-operative Society Limited by striking out the date of expiry "May 31/07" and substituting the date of expiry "May 31/11". ŠEarl G. Tucker, Queen's Printer |