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 St. Alban's to borrow from

a chartered bank, or other financial institution, an amount not

exceeding $46,008 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 $46,008 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 St. Alban's on a date to be designated

by the Honourable the Minister of Municipal and Provincial Affairs,

an amount not exceeding $46,008 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.