Nova Scotia Order in Council 15976/2012

O.C. 15976/2012

Nova Scotia — Orders in Council

OIC Number: 2012 - 116

Date of Order: Apr 18, 2012

Statute: Municipal Finance Corporation Act Finance Act

OIC Text: The Governor in Council on the report and recommendation of the Minister of Service Nova Scotia and Municipal Relations and the Minister of Finance dated March 23, 2012, and pursuant to clause 8(1)(a), subsection 10(1) and

Section 12 of

Chapter 301 of the Revised Statutes of Nova Scotia, 1989, the Municipal Finance Corporation Act, and subsections 72(1), 73(1) and

Section 77 of

Chapter 2 of the Acts of 2010, the Finance Act, and of every other power and authority in him vested in this behalf, is pleased to order: (

a) That the total net borrowing requirements of the Nova Scotia Municipal Finance Corporation for the fiscal year 2012-2013 in an amount not to exceed $167,000,000.00 in lawful money of Canada be and the same is hereby approved. For purposes of this approval, "total net borrowing" is defined as the gross borrowings of the Corporation in the fiscal year less repayments on the short-term borrowings in the fiscal year; (

b) That the raising or borrowing of the total net borrowing of up to $167,000,000.00 by the Corporation shall be by the issue and sale of its short-term and long-term Debentures, the long-term Debentures to be in substantially the form attached as Appendix 2 to the Report and Recommendation, the Debentures shall be dated upon original issue, shall be issued on or before March 31, 2013 upon the usual terms and conditions included in the Debentures, shall be subject to a maximum twenty year term to maturity, and bear interest at an average rate not to exceed 6.5% in like currency, and with respect to long-term Debentures, interest shall be payable semi-annually in each year; (

c) That, in the event any of the long-term Debentures of the Corporation which are issued with a maturity date of twelve months or greater after the indebtedness evidenced by the Debenture was incurred, (referred to herein as "long-term Debentures") are not acquired by the Province upon issue, upon execution as authorized herein, the Province absolutely and unconditionally guarantees to the registered holders and any subsequent registered holders of the long-term Debentures, the payment, in the event of default by the Corporation, of the principal of the long-term Debentures and interest not exceeding $167,000,000.00 (the "Guarantee"), and that the Guarantee of the Province be appended or attached to or endorsed on each of the long-term Debentures and be signed manually by or with the engraved, lithographed or printed facsimile signature of the Minister of Finance or the Deputy Minister of Finance of the Province, and that every such facsimile signature shall have the same force and effect as though it were a manual signature, and that although the person whose signature or facsimile signature as Minister of Finance or the Deputy Minister of Finance is appended to the Guarantee be no longer in office at the date of the issuance or any of the long-term Debentures or on the date of their delivery, whether originally or in exchange or transfer, every such signature shall nevertheless be as fully effective and binding as though it were the manual signature of an authorized person in office at the date of issue of any of the long-term Debentures and at the date of delivery thereof; (

d) That the Guarantee for such long-term Debentures be substantially in the following form or to like effect: By virtue of the powers conferred by the Legislature of the \x09Province of Nova Scotia and of an Order of the Lieutenant Governor in Council the Province of Nova Scotia hereby \x09\x09absolutely and unconditionally guarantees to the registered holder of the within Debenture the due and punctual payment, in the event of default in payment by Nova Scotia Municipal Finance Corporation, of the principal of the said Debenture and the interest thereon, as and when the same shall respectively become due and payable.

SIGNED ON BEHALF OF THE PROVINCE OF NOVA SCOTIA Deputy Minister of Finance (

e) That the Minister of Finance or the Deputy Minister of Finance be and each of them is hereby authorized to execute and deliver on behalf of the Province such documents as either of them may consider necessary and approve by their signatures respecting the borrowing herein approved; and (

f) That the foregoing approvals and guarantees are subject to the Corporation executing all corporate Resolutions necessary to effect any borrowing or to issue any Debenture and that any Resolution or Debenture be implemented within the limits as prescribed by this Order.

Department(s): Finance Service Nova Scotia and Municipal Relations

Document details

Collection	Nova Scotia — Orders in Council
Citation	O.C. 15976/2012
Date	2012-01-01
Type	order_in_council
Volume / chapter	2012 15976
Language	en
Format	html
Source	PROVINCIAL
Identifier	6c0f57bcbda5351fd07fb4beab6648eec187c87d

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