British Columbia Order in Council — Order under Financial Administration, ss (O.C. 410/2021)

O.C. 410/2021

British Columbia — Orders in Council

410 July 5, 2021 PROVINCE OF BRITISH COLUMBIA ORDER OF THE LIEUTENANT GOVERNOR IN COUNCIL Order in Council No. , Approved and Ordered Executive Council Chambers, Victoria On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that the order set out in the attached

Schedule is made. Minister of Finance ([his

part is Jo,· administrative purposes only and is not part of the Oi·der.} Authority under which Order is made: Act and section: Financial Administration Act, R.S.B.C. 1996, c. 138, ss, 51, 53, 53.1, 65 and 87. l Other: OIC 193/2021 010523927 Page 1 of 4

SCHEDULE

Interpretation 1 In this order: "Act" means the Financial Administration Act; "Canadian dollars" and "Cdn. $" means the lawful currency of Canada. Borrowings by government 2 The Minister of Finance is authorized to borrow money on behalf of the government from time to time in any currency for (

a) the benefit of the government, or (

b) the purpose of lending money to government bodies up to the maximum amount established by

section 3. Maximum amount of borrowings by government 3 The maximum amount that may be borrowed under

section 2 is Cdn. $10 248 000 000 or its equivalent in the currencies borrowed, as calculated in accordance with

section 6. Loans to government bodies 4 The Minister of Finance is authorized to iend money on behalf of the government to government bodies from time to time in any currency and substantially in accordance with requests submitted under

section 5_4 (1) of the Act, subject to (

a) the maximum amount established by

section 5 of this order, and (

b) any restrictions, limits or conditions on the borrowing authority of government bodies unless permitted by

section 53 (5) or 54 (6) of the Act. Maximum amount of loans to government bodies 5 The maximum amount that may be loaned to government bodies under

section 4 is Cdn. $IO 248 000 000 or its equivalent in the currencies loaned, as calculated in accordance with

section 6. Calculation of maximum amounts 6 For the purposes of the calculations under sections 3 and 5, (

a) the amount borrowed or loaned is the amount received by the borrower after deduction of any commission, fees, costs, expenses or other similar charges payable in respect of the borrowing or loan, (

b) if a borrowing or loan is in a currency other than Canadian dollars and the amount borrowed or loaned is exchanged into Canadian dollars pursuant to an agreement entered into under

section 76 or 77 of the Act prior to the borrowing or loan being completed, the amount borrowed or loaned is the amount received by the borrower in Canadian dollars as a result of the exchange, and (

c) if a borrowing or loan is in a currency other than Canadian dollars and the amount borrowed or loaned is not exchanged as described in paragraph (b ), Page 2 of 4

the amount borrowed or loaned is detennined by calculating the Canadian dollar equivalent of the amount received by the borrower, after deduction of any commission, fees, costs, expenses or other similar charges payable in respect of the borrowing or loan, on the basis of (

i) the Canadian dollar daily average exchange rate for the currency borrowed or loaned as last published for a day by the Bank of Canada during the last 7 days immediately before the date of the agreement for the borrowing or loan, or (ii) ifthere is no Canadian dollar daily average exchange rate published for a day by the Bank of Canada for the currency borrowed or loaned during the 7 days immediately before the date of the agreement for the borrowing or loan, an exchange rate for that currency as last quoted before the date of the agreement for the borrowing or loan at a Canadian chartered bank that the Minister of Finance considers appropriate.

Signatories to certificated securities 7 The following persons are designated as persons authorized to sign securities represented by a certificate issued in relation to borrowings by the government under this order: (

a) Assistant Deputy Minister, Provincial Treasury, Ministry of Finance; (

b) Executive Director, Debt Management Branch, Provincial Treasury, Ministry of Finance; (

c) a director in the Provincial Treasury, Ministry of Finance. Countersigning certificated securities 8 The following persons are designated as persons authorized to countersign securities represented by a certificate issued in relation to borrowings by the government under this order, except that no person who has signed a security issued in relation to a borrowing by the government under this order may countersign the same security: (

a) Deputy Minister of Finance; (

b) Assistant Deputy Minister, Provincial Treasury, Ministry of Finance; (

c) Executive Director, Debt Management Branch, Provincial Treasury, Ministry of Finance; (

d) a director in the Provincial Treasury, Ministry of Finance; (

e) a manager in the Debt Management Branch, Provincial Treasury, Ministry of Finance; (

f) a manager in the Banking & Cash Management Branch, Provincial Treasury, Ministry of Finance. Certifiers respecting uncertificated securities 9 The following persons are designated as certifiers for the purposes of

section 65.1 (4) of the Act respecting uncertificated securities issued in relation to borrowings by the government under this order: (

a) Minister of Finance; (

b) Deputy Minister of Finance; Page 3 of4

(

c) Assistant Deputy Minister, Provincial Treasury, Ministry of Finance; (

d) Executive Director, Debt Management Branch, Provincial Treasury, Ministry of Finance; (

e) a director in the Provincial Treasury, Ministry of Finance. Counter-certifiers respecting uncertificated securities 10 The following persons are designated as counter-certifiers for the purposes of

section 65.1 ( 4) of the Act respecting uncertificated securities issued in relation to borrowings by the government under this order: (

a) Deputy Minister of Finance; (

b) Assistant Deputy Minister, Provincial Treasury, Ministry of Finance; (

c) Executive Director, Debt Management Branch, Provincial Treasury, Ministry of Finance; (

d) a director in the Provincial Treasury, Ministry of Finance; (

e) a manager in the Debt Management Branch, Provincial Treasury, Ministry of Finance; (

f) a manager in the Banking & Cash Management Branch, Provincial Treasury, Ministry of Finance. Uncertificated securities statements 11 (

I) Before the government issues an uncertificated security in relation to a borrowing Certainty by the government under this order, a statement in a form established by the Minister of Finance must be signed by a certifier designated in

section 9 and countersigned by a counter-certifier designated in

section IO certifying that the security is consistent with the terms and conditions of the borrowing to which the security relates.

(2) A person who acts as a certifier in respect of an uncertificated security under subsection (1) may not act as a counter-certifier in respect of the same security. 12 For certainty, the authority of the government to borrow or lend money from time to time conferred by this order operates in addition to any authority for the government to borrow or lend money by any other arrangement. Delegation 13 In relation to borrowing by the government under this order, the powers of the Minister of Finance under sections 5 I and 66 of the Act and under the Indemnities and Guarantees Regulation, B.C.

Reg. l 53/2018, are delegated to the Assistant Deputy Minister, Provincial Treasury, Ministry of Finance, to the Associate Deputy Minister, Ministry of Finance and Secretary to Treasury Board and to the Assistant Deputy Minister, Treasury Board Staff, Ministry of Finance. Page 4 of 4

Document details

Collection	British Columbia — Orders in Council
Citation	O.C. 410/2021
Type	order_in_council
Volume / chapter	arc oic 0410 2021
Language	en
Format	pdf
Source	PROVINCIAL
Identifier	106cac643f071210fd5e0c6fd07e2076db54603d

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