OIC Number: 1999 - 356

Date of Order: Jun 28, 1999

Statute: Provincial Finance Act

OIC Text: The Governor in Council on the report of the Minister of Natural Resources to the Minister of Finance and, further to such report, on the Report and Recommendation of the Minister of Finance dated June 16, 1999, pursuant to subsection 59(4),

Section 60, subsections 72(1) and (3) of

Chapter 365 of the Revised Statutes of Nova Scotia, 1989, as amended, the Provincial Finance Act, is pleased to: (

a) authorize the Minister of Natural Resources to guarantee, on behalf of Her Majesty the Queen in right of the Province of Nova Scotia, the payment obligations of Nova Scotia Resources (Ventures) Limited, in favour of Maritimes & Northeast Pipeline, Limited Partnership, owner of the Canadian segment of the pipeline system pursuant to the terms of a ten year Firm Service Agreement for Rate

Schedule MN365 between Maritimes & Northeast Pipeline, Limited Partnership and Nova Scotia Resources (Ventures) Limited for the transportation of its natural gas, in substantially the form of guarantee attached to and forming part of the Report and Recommendation as Appendix "A"; (

b) authorize the Minister of Natural Resources to guarantee, on behalf of Her Majesty the Queen in right of the Province of Nova Scotia, the payment obligations of 3533026 Canada Limited in favour of Maritimes & Northeast Pipeline, L.L.C., owner of the United States segment of the pipeline system pursuant to the terms of a ten year Firm Service Agreement for Rate

Schedule MN365 between Maritimes & Northeast Pipeline, L.L.C. and 3533026 Canada Limited for the transportation of its natural gas, in substantially the form of guarantee attached to and forming part of the Report and Recommendation as Appendix "B"; (

c) approve the granting by Nova Scotia Resources (Ventures) Limited of fixed and floating charge security on its real and personal property, comprising part of the Sable Offshore Energy Project, to secure its obligations under the Sable Offshore Energy Project Agreements, the security to be in such form as the Department of Justice and the Department of Finance may approve; and (

d) further authorize the Minister of Natural Resources to execute and deliver the guarantees referred to in paragraphs (

a) and (

b) hereof and such other agreements, documents or instruments as may be required to give effect thereto, such agreements, documents or instruments to be in such form as the Department of Justice and the Department of Finance may approve and to do any other act or thing necessary or incidental to give effect to this Order.

Department(s): Finance Natural Resources