Orders in Council Database

Under authority of The Local Authority Guarantee Act, 1957, the

Lieutenant Governor in Council is pleased to approve the proposal

of the Town of Logy Bay-Middle Cove-Outer Cove to borrow from a

chartered bank, or other financial institution, an amount not

exceeding $57,912 for the purpose of financing its paving and/or

road reconstruction project, including engineering and related

costs, together with the amount required to capitalize the

Provincial share of 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 $57,912 together with

the amount required to capitalize the Provincial share of 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;

2. The Newfoundland Municipal Financing Corporation is directed

to advance to the Town of Logy Bay-Middle Cove-Outer Cove on a

date to be designated by the Honourable the Minister of Municipal

and Provincial Affairs, an amount not exceeding $57,912 together

with the amount required to capitalize the Provincial share of

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 municipality 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.

The Department of Municipal and Provincial Affairs agrees to pay,

by way of new grants, 100% of the cost of the approved project

amount, together with all the capitalized interest which is the

Provincial share of 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.

Any interest accruing beyond the six month period on the

Province's share is to be paid from the budget provision of the

relevant annual current account centres of the Department of

Municipal and Provincial Affairs.