OC2003-312
2003-02-26
Treasury Board
Local Authority Guarantee Act, 1957
Under authority of The Local Authority Guarantee Act, 1957, the
Lieutenant Governor in Council is pleased to approve the proposal
of the Town of Channel-Port aux Basques to borrow from a chartered
bank, or other financial institution, an amount not exceeding
$153,335 for the purposes of financing the installation, including
engineering and related costs of a water and/or sewer project,
together with the amount required to capitalize the related accrued
interest on the project up to the date of substantial completion
of the project, and for an additional period of six months beyond
that date, if required.
The Lieutenant Governor in Council further approves the following:
1. Pending legislative sanction, the Honourable the Minister of
Finance is authorized to issue such Government guarantees as may
be required for an amount not exceeding $153,335 together with
the amount required to capitalize the related accrued interest
on the project up to the date of substantial completion of the
project, and for an additional period of six months beyond that
date, if required; and
2. The Newfoundland Municipal Financing Corporation is directed
to advance to the Town of Channel-Port aux Basques on a date to
be designated by the Honourable the Minister of Municipal and
Provincial Affairs, an amount not exceeding $153,335 together with
the amount required to capitalize the related accrued interest
on the project up to the date of substantial completion of the
project, and for an additional period of six months beyond that
date, if required, for the purpose of repaying the loan approved;
the said loan by the Corporation to be repaid by the Department
of Municipal and Provincial Affairs, out of the Budget provision
of the Department, over such a period as may be agreed upon by
the Honourable the Minister of Municipal and Provincial Affairs
and the Newfoundland Municipal Financing Corporation.