British Columbia Order in Council — Order under Financial Administration Borrowing authority for $4 (O.C. 531/2000)

O.C. 531/2000

British Columbia — Orders in Council

PROVINCE OF BRITISH COLUMBIA ORDER OF THE LIEUTENANT GOVERNOR IN COUNCIL Order in Council Mo. 531 , Approved and Ordered APR - 6 2000 gimmullsossiosso Lieutenant Governor Executive Council Chambers, Victoria On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, makes the order in the attached schedule. Minister of Finance and Corporat'Relations /Presiding Member ¢f the Execti Council (This

part is for administrative purposes only and is not part of the Order.) Authority under which Order is made: Act and section: Financial Administration Act, sections 50, 51, 52, 53, 60, 61 & 65 Other (specify): March 30, 2000 00/ms -57o/o c,)1

SCHEDULE

Interpretation 1.

In this order "Act" means the Financial Administration Act; "business day" means a day which is not a Saturday, a Sunday or a day on which either the Bank of Canada is closed for normal banking business in Ontario or Canadian chartered banks are closed for normal banking business in British Columbia; "Canadian dollars" and "Cdn. $" means the lawful currency of Canada; "participating government bodies" means members of the class of all government bodies participating in the government body offlending program administered by the Provincial Treasury; "specified currencies" means those currencies listed in the appendix attached to this order.

Borrowings by the government 2. The Minister of Finance and Corporate Relations is authorized to borrow money from time to time in any of the specified currencies for (

a) the efficient management of the consolidated revenue fund, (

b) the purpose of investing it under

section 40 of the Act for the benefit of the government in investments authorized under

section 40(1) of the Act, or (

c) the purpose of lending it to participating government bodies in response to requests under

section 54(1) of the Act by the issue and sale of securities on terms and conditions determined by the Minister of Finance and Corporate Relations provided that neither of the maximum amounts established under sections 3 and 4 of this order are exceeded.

2 Maximum amount in all currencies 3. The maximum amount of all borrowings that may be outstanding in all specified currencies pursuant to the authorization contained in

section 2 of this order is Cdn. $4,872,000,000 or its equivalent in the currencies borrowed determined as of the date of each borrowing on the basis of: (

a) the Bank of Canada Canadian dollar noon spot exchange rate for the currency borrowed as quoted on the day the agreement for the borrowing is made (or if that day is not a business day, on the immediately preceding business day); or (

b) if there is no Bank of Canada Canadian dollar noon spot exchange rate for the currency borrowed quoted on the day the agreement for the borrowing is made (or on the immediately preceding business day), then the noon spot exchange rate for the currency borrowed quoted on the day the agreement for the borrowing is made (or if that day is not a business day, on the immediately preceding business day) at a Canadian chartered bank which the Minister of Finance considers appropi rote. Maximum amount in single currency 4. The maximum amount of all borrowings that may be outstanding pursuant to the authorization contained in

section 2 of this order in any one of the specified currencies is Cdn. $4,872,000,000 or its equivalent determined for that currency on the basis of the currency conversion rate set out for that currency in the appendix attached to this order. Loans to government bodies 5. Subject to any restrictions or limitations on the borrowing authority of participating government bodies and substantially in accordance with requests submit+,,d under

section 54(1) of the Act, the Minister of Finance and Corporate Relations is authorized to lend money to participating government bodies from time to time in any of the specified currencies provided that the maximum amount of all loans that may be outstanding pursuant to the authorization contained in this

section is Cdn. $4,872,000,000 or its equivalent in the currencies loaned determined as of the date of each loan on the basis of: (

a) the Bank of Canada Canadian dollar noon spot exchange rate for the currency loaned as quoted on the day the agreement for the loan is made (or if that day is not a business day, on the immediately preceding business day); or (

b) if there is no Bank of Canada Canadian dollar noon spot exchange rate for the currency loaned quoted on the day the agreement for the

3 loan is made (or on the immediately preceding business day), then the noon spot exchange rate for the currency loaned quoted on the day the agreement for the loan is made (or if that day is not a business day, on the immediately preceding business day) at a Canadian chartered bank which the Minister of Finance and Corporate Relations considers appropriate. Signing securities 6.

The following persons are designated as persons authorized to sign securities issued under the authority of this order: Assistant Deputy Minister, Provincial Treasury, Ministry of Finance and Corporate Relations Executive Director, Debt Management Branch, Provincial Treasury, Ministry of Finance and Corporate Relations Any director in Provincial Treasury, Ministry of Finance and Corporate Relations. Countersigning securities 7.

The following persons are designated as persons authorized to countersign securities issued under the authority of this order provided that no person who has signed a security issued under the authority of this order may countersign the same security: Deputy Minister of Finance and Corporate Relations Assistant Deputy Minister, Provincial Treasury, Ministry of Finance and Corporate Relations Executive Director, Debt Management Branch, Provincial Treasury, Ministry of Finance and Corporate Relations Any director in Provincial Treasury, Ministry of Finance and Corporate Relations Any manager in Debt Management Branch, Provincial Treasury, Ministry of Finance and Corporate Relations Any manager in Banking/Cash Management Branch, Provincial Treasury, Ministry of Finance and Corporate Relations.

Greater certainty 8. For greater certainty, it is hereby declared that the authority to borrow money from time to time conferred by this order operates in addition to any authority previously given to borrow money by any other arrangement.

4 APPENDIX Specified currencies and currency conversion rates Specified currency Currency conversion rater (foreign currency units per one Cdn. $) Australian dollars 1.1181 Austrian schillings 9.6723 Canadian dollars Not applicable Czech korunas 25.1538 Danish kroner 5.2353 Dutch guilders 1.5490 Euros 0.7029 Finnish markkas 4.1793 French francs 4.6108 German deutsche marks 1.3748 Greek drachmas 234.6883 Hong Kong dollars 5.3100 Irish pounds 0.5534 Italian lire 1361.0267 Japanese yen 72.9164 Luxembourg francs 28.3554 Norwegian kroner 5.7489 New Zealand dollars 1.3910 Portuguses escudos 140.9211 South African rand 4.4223 Spanish pesetas 116.9547 Swedish kronor 5.8996 Swiss francs 1.1332 United Kingdom pounds sterling 0.4337 United States dollars .6820 1 The currency conversion rates shown in this appendix are based on foreign exchange rates appearing on the Dow Jones Telerate Service on March 21, 2000.

Document details

Collection	British Columbia — Orders in Council
Citation	O.C. 531/2000
Type	order_in_council
Volume / chapter	arc oic 0531 2000
Language	en
Format	pdf
Source	PROVINCIAL
Identifier	63efdeaa874c3a3d00fe2b83992bea3241da4b86

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