Third

Session, 48th General Assembly

Elizabeth II, 2019

BILL 53

AN ACT TO AMEND THE

LOAN AND GUARANTEE ACT, 1957

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 amend the

Schedule to

The Loan and Guarantee Act, 1957.

Order in Council 2005-066 authorized a loan guarantee

of $350,000 in order to secure additional operating credit for the Stephenville

Airport Corporation during the period of its restructuring. In 2010, the

guarantee was increased by $250,000, with an additional increase of $300,000

being authorized in 2016.

In addition, in 2016 an expiry date of March 31, 2016

was confirmed and that date was extended to June 30, 2016 and then further

extended to October 31, 2016 and then to March 31, 2018. In 2018, the expiry

date was extended to March 31, 2019.

This Bill would further extend that expiry date to March 31, 2020.

A BILL

AN ACT TO AMEND THE LOAN AND GUARANTEE ACT,

Analysis

Schedule Amdt

Be it enacted by the Lieutenant-Governor and

House of Assembly in Legislative Session convened, as follows:

1957 No. 70

as amended

1. The

Schedule to The Loan and Guarantee Act,

1957 is amended by amending Item 2 - Stephenville Airport Corporation, as

enacted by

chapter 6 of 2005 and amended by

chapter 20 of 2010,

chapter 26 of

2016,

chapter 39 of 2016 and

chapter 13 of 2018, by striking out the expiry

date of "Mar. 31/19" and substituting the expiry date of "Mar.

31/20".

Queen's Printer