British Columbia Order in Council — Order under Financial Administration Minister of Finance to borrow $5 (O.C. 774/2001)

O.C. 774/2001

British Columbia — Orders in Council

PROVINCE OF BRITISH COLUMBIA ORDER OF THE LIEUTENANT GOVERNOR IN COUNCIL Order in Council No. 77 ',Approved and Ordered AUG 1 6 2001 Lieutenant Governor Executive Council Chambers, Victoria On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, makes the order in the attached schedule. Mini, er of Presiding !Mr Of the E cutive ouncil x (This

part is for administrative purposes only and is not part of the Order.) Authority under which Order is made: Act and section: Financial Administration Act, sections 50, 51, 52, 53, 60, 61 & 65 Other (specify): July 24, 2001 01/ms (m/206/ // 3

SCHEDULE

Interpretation 1.

In this order "Act" means the Financial Administration Act, "business day" means a day which is not a Saturday, a Sunday or a day on which either the Bank of Canada is closed for normal banking business in Ontario or Canadian chartered banks are closed for normal banking business in British Columbia; "Canadian dollars" and "Cdn. $" means the lawful currency of Canada; "participating government bodies" means members of the class of all government bodies participating in the government body offlending program administered by the Provincial Treasury; "specified currencies" means those currencies listed in the appendix attached to this order.

Borrowings by the government 2. The Minister of Finance is authorized to borrow money from time to time in any of the specified currencies for (

a) the efficient management of the consolidated revenue fund, (

b) the purpose of investing it under

section 40 of the Act for the benefit of the government in investments authorized under

section 40(1) of the Act, or (

c) the purpose of lending it to participating government bodies in response to requests under

section 54(1) of the Act by the issue and sale of securities on terms and conditions determined by the Minister of Finance provided that neither of the maximum amounts established under sections 3 and 4 of this order are exceeded.

2 Maximum amount in all currencies 3. The maximum amount of all borrowings that may be outstanding in all specified currencies pursuant to the authorization contained in

section 2 of this order is Cdn. $5,681,000,000 or its equivalent in the currencies borrowed determined as of the date of each borrowing on the basis of: (

a) the Bank of Canada Canadian dollar noon spot exchange rate for the currency borrowed as quoted on the day the agreement for the borrowing is made (or if that day is not a business day, on the immediately preceding business day); or (

b) if there is no Bank of Canada Canadian dollar noon spot exchange rate for the currency borrowed quoted on the day the agreement for the borrowing is made (or on the immediately preceding business day), then the noon spot exchange rate for the currency borrowed quoted on the day the agreement for the borrowing is made (or if that day is not a business day, on the immediately preceding business day) at a Canadian chartered bank which the Minister of Finance considers appropriate. Maximum amount in single currency 4. The maximum amount of all borrowings that may be outstanding pursuant to the authorization contained in

section 2 of this order in any one of the specified currencies is Cdn. $5,681,000,000 or its equivalent determined for that currency on the basis of the currency conversion rate set out for that currency in the appendix attached to this order. Loans to government bodies 5. Subject to any restrictions or limitations on the borrowing authority of participating government bodies and substantially in accordance with requests submitted under

section 54(1) of the Act, the Minister of Finance is authorized to lend money to participating government bodies from time to time in any of the specified currencies provided that the maximum amount of all loans that may be outstanding pursuant to the authorization contained in this

section is Cdn. $5,681,000,000 or its equivalent in the currencies loaned determined as of the date of each loan on the basis of: (

a) the Bank of Canada Canadian dollar noon spot exchange rate for the currency loaned as quoted on the day the agreement for the loan is made (or if that day is not a business day, on the immediately preceding business day); or (

b) if there is no Bank of Canada Canadian dollar noon spot exchange rate for the currency loaned quoted on the day the agreement for the

3 loan is made (or on the immediately preceding business day), then the noon spot exchange rate for the currency loaned quoted on the day the agreement for the loan is made (or if that day is not a business day, on the immediately preceding business day) at a Canadian chartered bank which the Minister of Finance considers appropriate. Signing securities 6.

The following persons are designated as persons authorized to sign securities issued under the authority of this order: Assistant Deputy Minister, Provincial Treasury, Ministry of Finance Executive Director, Debt Management Branch, Provincial Treasury, Ministry of Finance Any director in Provincial Treasury, Ministry of Finance. Countersigning securities 7.

The following persons are designated as persons authorized to countersign securities issued under the authority of this order provided that no person who has signed a security issued under the authority of this order may countersign the same security: Deputy Minister of Finance Assistant Deputy Minister, Provincial Treasury, Ministry of Finance Executive Director, Debt Management Branch, Provincial Treasury, Ministry of Finance Any director in Provincial Treasury, Ministry of Finance Any manager in Debt Management Branch, Provincial Treasury, Ministry of Finance Any manager in Banking/Cash Management Branch, Provincial Treasury, Ministry of Finance.

Greater certainty 8. For greater certainty, it is hereby declared that the authority to borrow money from time to time conferred by this order operates in addition to any authority previously given to borrow money by any other arrangement.

4 APPENDIX Specified currencies and currency conversion rates Specified currency Currency conversion rate1 (foreign currency units per one Cdn. $) Australian dollars 1.2797 Canadian dollars Not applicable Czech korunas 25.1706 Danish kroner 5.5308 Euro .7428 Hong Kong dollars 5.070 Japanese yen 80.6735 New Zealand dollars 1.5844 Norwegian kroner 5.9501 South African rand 5.3234 Swedish kronor 6.9284 Swiss francs 1.1190 United Kingdom pounds sterling .4571 United States dollars .6501 1 The currency conversion rates shown in this appendix are based on foreign exchange rates appearing on Bridge's Telerate Service on July 24, 2001.

Document details

Collection	British Columbia — Orders in Council
Citation	O.C. 774/2001
Type	order_in_council
Volume / chapter	arc oic 0774 2001
Language	en
Format	pdf
Source	PROVINCIAL
Identifier	01030343ba06a945c6a2e9fbe69ef34638ce6095

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