OIC Number: 1999 - 234

Date of Order: May 12, 1999

Statute: Municipal Finance Corporation Act

OIC Text: The Governor in Council on the report and recommendation of the Minister of Finance dated April 30, 1999, and pursuant to

Section 12 of

Chapter 301 of the Revised Statutes of Nova Scotia, 1989, as amended, the Municipal Finance Corporation Act, and a Resolution of the Corporation passed December 14, 1979, and amended March 27, 1997, authorized by clause 11(

c) of the aforesaid Act, a copy of which Resolution is attached to and forms part of the said Report and Recommendation, is pleased to: (

a) effective June 1, 1999, authorize the Minister of Finance to guarantee on behalf of Her Majesty the Queen in right of the Province of Nova Scotia advances from time to time to Nova Scotia Municipal Finance Corporation by way of loan, overdraft or the extension of a line of credit from or by the Bank of Montreal up to the amount of $10,000,000, which amount includes principal and interest thereon at no greater than the prime rate of interest established from time to time by Bank of Montreal on Canadian dollar loans to its best customers, for a period to expire midnight, May 31, 2000, upon such terms and conditions as are set out in such guarantee or as the Minister of Finance may require; and (

b) further authorize the Minister of Finance to execute any guarantees, documents or instruments as the Minister deems necessary and to do any other act or thing necessary or incidental to give such guarantee or guarantees.

Department(s): Finance