Orders in Council Database

Under the authority of the Loan and Guarantee Act, 1957, the Lieutenant Governor in Council is pleased to authorize the Minister of Finance to increase the Provincial guarantee of the bank line of credit of Stephenville Airport Corporation from its current level of $350,000 to $600,000 subject to the following conditions:

(i) the Town of Stephenville, in cooperation with Stephenville Airport Corporation Management and Board of Directors, is to implement controls and a formal approval process satisfactory to the Ministers of Innovation Trade and Rural Development and Finance to ensure all payments made are integral to the ongoing operation of the airport;

(ii) audited financial statements for the year ended December 31, 2009 are to be prepared and provided to the Province by March 31, 2010;

(iii) negotiations with KAZ Aviation and the execution of a formal agreement, if a satisfactory deal can be reached, is to be completed by April 30, 2010;

(iv) requests for Provincial participation in an agreement with KAZ, if any, is limited to the conversion of the existing line of credit to a term loan and the application for EDGE status with the Province making no commitment with respect to these requests and with such requests being assessed in the context of the larger deal, if and when one is reached; and

(v) the Stephenville Airport Corporation and the Town of Stephenville is to confirm their understanding that there will be no further increases to the guarantee, nor any other direct financial contribution by the Province, beyond this increase in the guarantee amount except in instances where the Stephenville Airport Corporation is eligible for Government support through established programming where the Corporation’s proposal meets all program criteria  including the appropriate financial contribution from the Corporation.