OC2003-639
2003-12-06
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 Hampden to borrow from a chartered bank, or other
financial institution, an amount not exceeding $78,065 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 $78,065 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 Hampden on a date to be designated by
the Honourable the Minister of Municipal and Provincial Affairs,
an amount not exceeding $78,065 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.