First Session, 45th General Assembly

53 Elizabeth II, 2004

BILL 19

AN ACT TO AUTHORIZE THE RAISING OF MONEY

BY WAY OF LOAN BY THE PROVINCE

Received and Read the First Time

Second Reading

Committee

Third Reading

Royal Assent

HONOURABLE LOYOLA SULLIVAN

Minister of Finance and President of Treasury Board

Ordered to be printed by the Honourable House of Assembly

EXPLANATORY NOTE

This Bill would authorize the Lieutenant-Governor in Council to raise money by way of loan to a maximum amount of $675,000,000.

A BILL

AN ACT TO AUTHORIZE THE RAISING OF MONEY BY WAY OF LOAN BY THE PROVINCE

Analysis

Short title

2. Loan authorized

3. Limitation

4. Authority supplemental

5. Duration of Act

6. Limitation under 2002 c21

Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:

Short title

1. This Act may be cited as the Loan Act, 2004 .

Loan authorized

2. The Lieutenant-Governor in Council is authorized to raise by way of loan the sums of money required for the Consolidated Revenue Fund to make good, in whole or in part, actual or estimated deficiencies between provincial revenue and expenditures.

Limitation

3. The principal amount of securities issued under the authority of this Act shall not exceed in the aggregate the sum of $675,000,000.

Authority supplemental

4. The sums of money authorized by this Act are in addition to all sums of money authorized to be raised by way of loan under another Act.

Duration of Act

5. This Act continues in effect until the aggregate amount of the securities authorized under this Act has been issued or this Act is repealed by another loan Act, whichever occurs first.

Limitation under 2002 c21

6. Notwithstanding the Loan Act, 2002 , the Lieutenant-Governor in Council may not, after the coming into force of this Act, raise by way of loan further sums of money under the Loan Act, 2002 .

@Earl G. Tucker, Queen's Printer