First

Session, 50th General Assembly

Elizabeth II, 2022

BILL 47

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 SIOBHAN

COADY

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 $2,700,000,000.

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 SNL2021 c13

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, 2022.

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

$2,700,000,000.

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. T his 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repealed by another loan Act, whichever occurs first.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

SNL2021 c13

6. Notwithstanding the Loan Act, 2021 , 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, 2021 .

Queen's

Printer