Guarantee Regulation (Alta. Reg. 361/1986)

Alta. Reg. 361/1986

Alberta — Regulations

© Published by Alberta King’s Printer Alberta King’s Printer Suite 700, Park Plaza 10611 - 98 Avenue Edmonton, AB T5K 2P7 Phone: 780-427-4952 E-mail: kings-printer@gov.ab.ca Shop on-line at kings-printer.alberta.ca Province of Alberta Office Consolidation Alberta Regulation 361/1986 With amendments up to and including Alberta Regulation 62/2013 Current as of May 8, 2013 GOVERNMENT ORGANIZATION ACT GUARANTEE REGULATION

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(Consolidated up to 62/2013) ALBERTA REGULATION 361/86 Government Organization Act GUARANTEE REGULATION Guarantee purposes 1 The Minister may authorize the Government to provide guarantees for the repayment of principal and the payment of interest in respect of loans made for or to the following: (

a) the cost of acquiring land for housing; (

b) the cost of clearing or breaking land for housing; (

c) the cost of sloping, levelling or otherwise preparing land for housing; (

d) the cost of improving or developing land for housing; (

e) the cost of designing, constructing, maintaining or improving housing; (

f) the cost of providing sewe r, water and other utilities in respect of housing; (

g) the cost of landscaping or otherwise improving the appearance of housing; (

h) any other purpose that the Minister considers incidental t o or proper, necessary or desirable in connection with housing; (

i) the Alberta Urban Mun icipalities Association; (

j) the Alberta Association of Municipal Districts and Counties; (

k) a regional planning commission as defined in the Planning Act. AR 361/86 s1 Application 2(1) An application for a guarantee by the Government of the repayment of principal and the payment of interest may be made by an applicant who has or is proposing to undertake a contractual obligation to repay a loan assumed or that will be assumed in

Section 3 AR 361/86 GUARANTEE REGULATION 2 respect of a purpose, association or commission mentioned in

section 1.

(2) An application under subsection (1) shall be made in writing to the Minister and shall contain the following information: (

a) name of the applicant; (

b) the name of the associatio n or commission, if applicable, and the purpose with respect to which the guarantee of the loan is required; (

c) details of the loan; (

d) details of what the guara ntee will be used for and details of the loan that is or will be assumed; (

e) any other information that the Minister may require. AR 361/86 s2 Approval 3(1) Subject to

section 71 of the Financial Administration Act, if the Minister is satisfied that the applicant meets the requirements of

section 2 and any condition required by the Minister, the Minister may authorize the President of Treasury Board and Minister of Finance to give, on behalf of the Government, a guarantee in respect of a loan.

(2) An authorization under subsection (1) shall include the following: (

a) the name of the applicant; (

b) the name of the associatio n or commission, if applicable, and the use and purpose for which the loan to which the guarantee is to apply is to be employed; (

c) the security, if any, to be taken by the Government; (

d) a description of the loan assumed or to be assumed by the applicant in respect of which the guarantee may be given, including any security to be given by the applicant and, if applicable, (

i) the principal amounts, (ii) the rate of interest, and (iii) any fees to be paid by the applicant;

Section 3 AR 361/86 GUARANTEE REGULATION 3 (

e) a statement of the conditio ns under which the Government may become liable under the guarantee; (

f) a statement of the conditions under which the guarantee may or shall be terminated; (

g) a declaration that the app licant will quarterly, or at such shorter intervals as may be specified, provide the President of Treasury Board and Minister of Finance with a report showing details of (

i) the loan, including the amount or nature of any advances, (ii) the performance of the loan from the date it was assumed including the amount and date of any payment, and (iii) the extent of the loan on the last day of each month of the period covered by the report; (

h) verification that notice w ill be given to the President of Treasury Board and Minister of Finance when the applicant is in default on the loan; (

i) financial statements by the applicant; (

j) any other terms or conditions that the Minister may require. AR 361/86 s3;251/2001;27/2002;68/2008;31/2012;62/2013

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Document details

Collection	Alberta — Regulations
Citation	Alta. Reg. 361/1986
Type	regulation
Volume / chapter	1986 361
Language	en
Format	pdf
Source	PROVINCIAL
Identifier	4721ed151e6c04c980b8309d21d8a26069cda754

Source file is stored in the law ingest library (pdf).