OC2003-315
2003-06-26
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 L'anse au Loup to borrow
from a chartered bank, or other financial institution, an amount
not exceeding $8,687 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 $8,687 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 L'anse au Loup on a date to be designated
by the Honourable the Minister of Municipal and Provincial Affairs,
an amount not exceeding $8,687 together with the amount requird
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.