First

Session, 49th General Assembly

Elizabeth II, 2020

BILL 32

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

TOM OSBORNE

Minister of Finance and President of Treasury Board

Ordered

to be printed by the Honourable House of Assembly

EXPLANATORY NOTES

This Bill would authorize the

Lieutenant-Governor in Council to raise money by way of loan to a maximum of $2,000,000,000.

A BILL

AN ACT TO AUTHORIZE THE RAISING OF MONEY BY

WAY OF LOAN BY THE PROVINCE

Analysis

Short title

Loan authorized

Limitation

Authority supplemental

Duration of Act

Limitation under SNL2019 c18

Commencement

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, 2020 .

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 $2,000,000,000.

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under this Act has been issued or this Act is repealed by another loan Act,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

SNL2019 c18

6. Notwithstanding

the Loan Act, 2019 , 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, 2019 .

Commencement

7. This

Act comes into force on April 1, 2020.

Queen's Printer