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 Milltown-Head of Bay D'Espoir to borrow from a

chartered bank, or other financial institution, an amount not

exceeding $96,520 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 $96,520 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 Milltown-Head of Bay D'Espoir on a date

to be designated by the Honourable the Minister of Municipal and

Provincial Affairs, an amount not exceeding $96,520 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.