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1998/99 Legislative Session: 3rd Session, 36th Parliament

FIRST READING

The following electronic version is for informational purposes only.

The printed version remains the official version.

HONOURABLE JOY MacPHAIL

MINISTER OF FINANCE AND

CORPORATE RELATIONS

BILL 53 – 1999

BUDGET MEASURES IMPLEMENTATION ACT, 1999

HER MAJESTY, by and with the advice consent of Legislative Assembly

Province British Columbia, enacts as follows:

British Columbia Transit Act

1 Sections 11 (2) (

a) and (b), 12 (2) (

a) and (

b) and 13 (2) (

a) and (

b) of the

British Columbia Transit Act, R.S.B.C. 1996, c. 38, are amended by striking out "classes

of expenditures" and substituting "classes of expenses" .

Build BC Act

Section 2 of the Build BC Act, R.S.B.C. 1996, c. 40, is amended by renumbering

the

section as

section 2 (1) and by adding the following subsection:

(2) A further purpose of this Act is to provide for the carrying out by the authority

of the duties, powers and functions that it has under this Act or that may be assigned to

it by another enactment.

Section 11 is amended by adding "hold," after "construct," .

Section 12 is amended

(

a) by repealing subsection (2),

(

b) in subsection (4) (

a) by adding "hold,"

after "construct," , and

(

c) by adding the following subsection:

(5) The authority has the same immunities in relation to property of the authority as

the government has in relation to property of the government.

Ferry Corporation Act

Section 16 (1) of the Ferry Corporation Act, R.S.B.C. 1996, c.

137, is amended by striking out "$975 million." and

substituting "$1 350 million."

Financial Administration Act

Section 1 of the Financial Administration Act, R.S.B.C. 1996, c.

138, is amended by adding the following definition:

"expenditure" includes amounts appropriated for amortization,

allowances for doubtful accounts or other non-cash expenses and, in relation to this, a

reference to paying, spending or otherwise expending amounts includes the application of

non-cash expenses to the purposes for which they are appropriated; .

Section 11 is amended

(

a) in subsection (2) by striking out "from the end of the last fiscal

year" and substituting "from the beginning of the applicable fiscal year" ,

(

b) by adding the following subsection:

(2.1) For the purposes of subsection (2):

"applicable fiscal year" means, in relation to a statement that under

subsection (3) is presented to the Legislative Assembly with the annual estimates of

revenue and expenditure, the fiscal year preceding the fiscal year for which those

estimates are prepared;

"most recent date practicable" means, in relation to a statement

referred to in subsection (2), whichever of the following applies:

(

a) if the statement is presented to the Legislative Assembly on or before the 15th day

of a month, a date that is not earlier than

(

i) the end of the third preceding month, or

(ii) if the third preceding month is April, the end of March;

(

b) if the statement is presented to the Legislative Assembly after the 15th day of a

month, a date that is not earlier than

(

i) the end of the second preceding month, or

(ii) if the second preceding month is April, the end of March. , and

(

c) by repealing subsection (3) and substituting the following:

(3) On each occasion that annual estimates of revenue and expenditure are presented to

the Legislative Assembly, the Minister of Finance and Corporate Relations must also

present the statement referred to in subsection (2).

Part 2 is amended by adding the following section:

Economic Forecast Council

11.2

(1) The Economic Forecast Council is established to advise the Minister of Finance

and Corporate Relations on economic growth forecasts.

(2) The council consists of not less than 12 persons appointed by order of the Minister

of Finance and Corporate Relations and selected for their knowledge of the economy of

British Columbia and their expertise in economic analysis and forecasting.

(3) An employee of the government, or of an agency of the government, is not eligible

for appointment under subsection (2).

(4) Subject to subsection (5), the members of the council hold office for a term of at

least 3 years, set by the Minister of Finance and Corporate Relations.

(5) A member who is identified in the appointment order by reference to his or her

position in an organization is not eligible to continue as a member under that order if he

or she ceases to hold that position in that organization.

(6) The members may be paid reasonable and necessary expenses that arise directly out

of the performance of their duties as council members.

(7) Each year, when the annual estimates of revenue and expenditure are presented to

the Legislative Assembly, the Minister of Finance and Corporate Relations must publish a

report on the advice received from the council, including the range of economic forecasts

for the calendar year in which those estimates are presented and for the following

calendar year.

Section 23 (4) is repealed and the following substituted:

(4) An amount allocated by an appropriation in a Supply Act may be spent for any

activity or standard object of expenditure that is within the general purposes of the

appropriation.

Section 32 is amended by adding the following subsection:

(8) This

section does not apply to the allocation of a non-cash expense.

Section 56.1 (1) is amended by striking out "or" at the end of

paragraph (

f) and by adding the following paragraphs:

(

h) Rapid Transit Project 2000 Ltd., or

(

i) any other organization designated by the Lieutenant Governor in Council.

Greater Vancouver Transportation Authority Act

Section 21 of the Greater Vancouver Transportation Authority Act,

S.B.C. 1998, c. 30, is amended

(

a) in subsection (1) by striking out "or limit" ,

(

b) by adding the following subsection:

(1.1) For the purpose of subsection (1), an action would reduce the capacity of all or

any part of the major road network to move people if the action would result in the

alteration of a roadway, as that term is defined in

section 119 of the Motor Vehicle

Act, of a major road, or of the traffic control conditions on a major road, in such a

way that fewer persons would be able to travel on the major road network in a given time

period than were able to travel on the major road network in a comparable time period

before the taking of the action. , and

(

c) by repealing subsection (4) and substituting the following:

(4) Subject to subsection (5), a bylaw that prohibits the movement of trucks on a

highway in the transportation service region is deemed to have been approved by the

authority under subsection (2)

(

a) if the bylaw was adopted by the Council of the City of Vancouver before the coming

into force of this section, or

(

b) in the case of a bylaw adopted by the council of any other municipality, if the

bylaw was adopted

(

i) with the approval of the Minister of Transportation and Highways under

section 545

of the Municipal Act, and

(ii) before the coming into force of this section.

Section 34 is amended by adding the following subsections:

(4) Orders that may be made under subsection (1) may be made retroactive to March 31,

1999 or a later date the Lieutenant Governor in Council may determine, and an order made

retroactive is deemed to come into force on the date specified in the order.

(5) Subsection (4) and this subsection are repealed on March 31,

Section 122 is amended by striking out number "30." of the

section being enacted and substituting "31."

Highway Act

15 The Highway Act, R.S.B.C. 1996, c. 188, is amended by adding the

following section:

Authority to account for certain highways

3.1

(1) In this section:

"arterial highway" and "highway" do not include

(

a) a ferry landing,

(

b) a highway, other than a bridge, if the highway is on land leased to the government,

(

c) a highway that is part of the major road network;

"major road network" has the same meaning as in

the Greater Vancouver Transportation Authority Act .

(2) The BC Transportation Financing Authority is deemed

(

a) to have acquired at the end of March, 1999, all of the government's right and title

in and to the soil and freehold of

(

i) every highway outside the limits of a municipality, and

(ii) every arterial highway as defined in

section 27, and

(

b) to acquire all of the government's right and title in and to the soil and freehold

of every highway referred to in paragraph (a) (

i) or (ii) that comes into being after the

end of March, 1999, at the time when that highway comes into being.

(3) On the making of an order under subsection (7) specifying land as corridor

protection land, the BC Transportation Financing Authority is deemed

(

a) to have acquired at the end of March, 1999, all of the government's right and title

in and to that corridor protection land, and

(

b) to have assumed at the end of March, 1999, all of the government's liabilities with

respect to that corridor protection land.

(4) This

section does not affect any powers, duties, functions and liabilities in

relation to highways, of the government, the Lieutenant Governor in Council, the minister

or ministry, another minister or ministry or another authority under

(

a) this Act, the Ministry of Transportation and Highways Act or any

other enactment,

(

b) any contract, licence or permit, or

(

c) the law.

(5) The BC Transportation Financing Authority, in relation to a highway referred to in

subsection (2) (a) (

i) or (ii), did not acquire, because of subsection (2), any of the

powers, duties, functions and liabilities referred to in subsection (4), except for the

purpose of accounting for the highways, and does not, and did not since the end of March,

1999, have any of those powers, duties, functions and liabilities except for that purpose.

(6) Subsection (2) does not operate to constitute the BC Transportation Financing

Authority as an occupier, within the meaning of the Occupiers Liability Act, of a

highway referred to in subsection (2) (a) (

i) or (ii) of this section.

(7) The Lieutenant Governor in Council may make orders specifying land as corridor

protection land for the purposes of subsection (3), if he or she is satisfied that the

land

(

a) is owned by the government, and

(

b) comprises a land bank for future highway development.

(8) Subsection (7) is repealed on October 1, 1999.

Industrial Development Incentive Act

Section 3 (2) (

b) of the Industrial Development Incentive Act, R.S.B.C.

1996, c. 221, is amended by striking out "$450 million." and substituting

"$500 million."

Land Title Act

Section 115 (2) of the Land Title Act, R.S.B.C. 1996, c. 250, is

amended by striking out "and the title vested in the Crown under the Highway Act."

and substituting "and the title vested in the government under

section 3 of the Highway

Act or in the BC Transportation Financing Authority under

section 3.1 of that Act, as

the case may be."

Section 142 (1) is amended by striking out "If the title to all or

part of a highway is vested solely in the Crown in right of the Province, the Minister of

Transportation and Highways may apply to register the title to all or part of the highway

in the Crown in right of the Province," and substituting "If the title to all or

part of a highway is vested solely in the Crown in right of the Province or in the BC

Transportation Financing Authority, the Minister of Transportation and Highways may apply

to register the title to all or part of the highway in the Crown in right of the Province

or in the BC Transportation and Financing Authority, as the case may be," .

Municipal Finance Authority Act

Section 4 of the Municipal Finance Authority Act, R.S.B.C. 1996,

c. 325, is amended by adding the following subsection:

(6) A resolution that is approved in writing, or by telex, telegraph, telephone or

other similar means of communication confirmed in writing or other graphic communication,

by a majority of the members is as valid as if it were passed at a meeting of the members

properly called and constituted.

Section 8 (4) is repealed and the following substituted:

(4) The authority may enter into any of the following agreements for the purpose of

reducing risks or maximizing benefits in relation to the borrowing, lending or investment

of money under this Act:

(

a) currency exchange agreements;

(

b) spot and future currency agreements;

(

c) interest rate exchange agreements;

(

d) future interest rate agreements.

21 The following

section is added:

Obligations of regional hospital districts

27.1 The following are jointly and severally liable for obligations arising under a

security issued by a regional hospital district to the authority:

(

a) the regional hospital district;

(

b) the regional district that shares the same boundaries as the regional hospital

district;

(

c) the municipalities forming part of the regional district referred to in paragraph

(b).

Municipalities Enabling and Validating Act (No. 2)

22 The Municipalities Enabling and Validating Act (No. 2), S.B.C.

1990, c. 61, is amended by adding the following Part:

Part 10 – 1999

GVRD borrowing on behalf of other regional authorities

(1) In this

section and

section 46:

"GVRD" means the Greater Vancouver Regional District;

"GVRD securities" means securities issued by the GVRD under this

section;

"regional authority" means any one or more of

(

a) the Greater Vancouver Transportation Authority,

(

b) the Greater Vancouver Sewerage and Drainage District, and

(

c) the Greater Vancouver Water District;

"securities" includes debentures, securities and any other form of

indebtedness;

"temporary financing" means a debt that has a term of no longer than 5

years from the date on which the securities for the debt are issued.

(2) Despite any other Act but subject to this section, for the purpose of providing

temporary financing for a regional authority, the GVRD may borrow from a bank, a financial

institution, any other lender or a regional authority.

(3) The GVRD may only borrow under this

section if the regional authority

(

a) is authorized to contract debt for the purpose for which the financing is to be

used,

(

b) requests the GVRD to provide the financing,

(

i) by bylaw approved by the Inspector of Municipalities, in the case of the Greater

Vancouver Sewerage and Drainage District or the Greater Vancouver Water District, and

(ii) by bylaw or resolution, in the case of the Greater Vancouver Transportation

Authority, and

(

c) enters into an agreement with the GVRD which provides that the regional authority

will

(

i) pay to the GVRD all costs of the GVRD associated with the borrowing, and

(ii) if requested by the GVRD, deliver to it security in the form of securities

sufficient for the GVRD to meet and discharge all its obligations associated with the

borrowing.

(4) For the purposes of this section, the GVRD board may do one or more of the

following:

(

a) adopt a security issuing bylaw without adopting a loan authorization bylaw, but the

security issuing bylaw must reference the bylaw or resolution referred to in subsection

(3) (b);

(

b) combine all or part of a borrowing under this

section with all or part of any other

borrowing under this section;

(

c) by bylaw, provide for all matters in any way related to the issue, execution,

delivery, repayment, refunding, repurchase, redemption, charge, pledge, hypothecation or

deposit of GVRD securities;

(

d) subject to the limitations established by

section 191 of the Municipal Act,

by bylaw, delegate any powers of the GVRD or its board under this

section to a director,

committee of directors or officer of the GVRD or to any other person specified in the

bylaw;

(

e) provide for entering into credit, loan and financing agreements and any other

agreements and instruments that may be necessary or advisable;

(

f) determine the form of GVRD securities;

(

g) issue or otherwise dispose of GVRD securities, either at par value or at less or

more than par value;

(

h) charge, pledge, hypothecate, deposit or otherwise deal with GVRD securities as

collateral security;

(

i) provide for the creation, management and application of sinking funds, including

to GVRD securities.

(5) GVRD securities may be issued in electronic form and may be held by a depository

agency in a book-based system for the central handling of securities that provides for

their transfer by bookkeeping entry without physical delivery.

(6) The following provisions of the Municipal Act apply for the purposes of this

section:

section 262 [application to court to set aside bylaw];

section 462 [security issuing bylaw approval by inspector];

section 463 [appeal from inspector's decision];

Division 4 of

Part 12 [Municipal Debentures];

section 477 [purposes for which money may be used];

section 478 [liability for use of money];

section 836 [liability for money borrowed by regional district];

sections 1022 to 1025 [certificate of approval for money bylaws].

(7) For the purposes of

section 262 (2) of the Municipal Act, a security issuing

bylaw under this

section is deemed to be a security issuing bylaw referred to in that

provision.

Validation of GVRD borrowing

(1) In this section, "borrowing bylaw" means one or more of the

following:

(

a) the Greater Vancouver Regional District bylaw cited as the "Greater Vancouver

Regional District Credit Agreement and Debenture By-law Number 922, 1999" and given

first reading by the board of that regional district on January 29, 1999;

(

b) the Greater Vancouver Regional District bylaw cited as the "Greater Vancouver

Regional District Promissory Note By-law Number 923, 1999" and given first reading by

the board of that regional district on January 29, 1999;

(

c) the Greater Vancouver Regional District bylaw cited as the "Greater Vancouver

Regional District Security Issuing By-law (GVTA) Number 924, 1999" and adopted by the

board of that regional district on February 26, 1999;

(

d) the Greater Vancouver Sewerage and Drainage District bylaw cited as the

"Greater Vancouver Sewerage and Drainage District Borrowing By-law Number 207,

1999" and given first reading by the board of that district on January 29, 1999;

(

e) the Greater Vancouver Water District bylaw cited as the "Greater Vancouver

Water District Borrowing By-law Number 224, 1999" and given first reading by the

board of that district on January 29, 1999.

(2) In relation to a borrowing bylaw,

(

a) the GVRD or regional authority, as applicable, is conclusively deemed to have had

the authority to adopt the bylaw at the time it was adopted, whether this is before or

after this

section comes into force,

(

b) the bylaw is conclusively deemed to have been validly in force from the date of its

adoption, and

(

c) the GVRD, regional authority and Municipal Finance Authority of British Columbia

are conclusively deemed to have had and to continue to have the authority to carry out the

transactions contemplated by the bylaw.

(3) All resolutions, bylaws and actions of the GVRD, a regional authority, the

Municipal Finance Authority of British Columbia and the Inspector of Municipalities in

relation to a borrowing bylaw are conclusively deemed to have been validly adopted and

taken as of the date that they were adopted or taken, to the extent they would have been

valid had this

section been in force on the date they were adopted or taken.

(4) This

section is retroactive to the extent necessary to give full force and effect

to its provisions and must not be construed as lacking retroactive effect in relation to

any matter because it makes no specific reference to that matter.

Additional Municipal Finance Authority of British Columbia powers

23 Without limiting any other power the Municipal Finance Authority of British Columbia

may exercise under any enactment, that authority may

(

a) issue securities in favour of the government under which the authority is obliged

to make payments to the government in amounts equivalent to any debt obligations,

including those arising from interest rate or currency exchange transactions, that

(

i) are transferred from British Columbia Transit to the Greater Vancouver

Transportation Authority under

section 38 of the Greater Vancouver Transportation

Authority Act, and

(ii) were, before the transfer, owed to the government by British Columbia Transit, and

(

b) grant indemnities in favour of the government under which the Municipal Finance

Authority of British Columbia agrees to indemnify the government for any payments the

government is obliged to make under government guarantees of debt and lease obligations

that

(

i) are transferred from British Columbia Transit to the Greater Vancouver

Transportation Authority under

section 38 of the Greater Vancouver Transportation

Authority Act, and

(ii) were, before the transfer, owed to entities other than the government by British

Columbia Transit.

Additional Greater Vancouver Regional District powers

24 Without limiting any other power the Greater Vancouver Regional District may

exercise under any enactment, that regional district may, by resolution,

(

a) issue securities in favour of the Municipal Finance Authority of British Columbia

under which the regional district is obliged to make payments to that authority in amounts

equivalent to the payments that that authority is obliged to make under the securities

issued under

section 23 (a), and

(

b) grant indemnities in favour of the Municipal Finance Authority of British Columbia

under which the regional district agrees to indemnify that authority for any payments that

that authority is obliged to make under the indemnities granted under

section 23 (b).

Restructuring of Rapid Transit Project 2000 Ltd. debt

(1) Prescribed debt obligations owed by Rapid Transit Project 2000 Ltd. to the

government as a result of borrowings by Rapid Transit Project 2000 Ltd. from the

government before March 31, 1999 are released.

(2) The Lieutenant Governor in Council may make regulations prescribing debt

obligations for the purposes of subsection (1).

(3) Regulations that may be made under subsection (2) may be made retroactive to March

31, 1999, and a regulation made retroactive is deemed to come into force on the date

specified in the regulation.

Commencement

(1) Sections 1, 11 to 13 and 19 to 25 are deemed to have come into force on March

31, 1999 and are retroactive to the extent necessary to give them effect on and after that

date.

(2) Sections 2 to 4, 15, 17 and 18 are deemed to have come into force at the end of

March, 1999 and are retroactive to the extent necessary to give them effect at and after

that time.

(3) Section 14 is deemed to have come into force on March 30, 1999 and is retroactive

to the extent necessary to give it effect on and after that date

Explanatory Notes

British Columbia Transit Act

SECTION 1: [British Columbia Transit Act, amends sections 11 to 13] clarifies that it

is expenses rather than expenditures that are to be taken into account when calculating

the annual cost of a public passenger transportation system for the purposes of sections

11 and 12 of the British Columbia Transit Act or of a commuter rail service for the

purposes of

section 13 of that Act.

Build BC Act

SECTION 2: [Build BC Act, adds

section 2 (2)] adds a further purpose for the Act, as

set out.

SECTION 3: [Build BC Act, amends

section 11] makes explicit that one of the purposes of

the Act is to "hold" transportation infrastructure.

SECTION 4: [Build BC Act, amends section12]

amends

section 12 to repeal the provision deeming property of the BC Transportation

Financing Authority to be the property of the government, and to continue to afford to the

authority the same immunities in relation to its property as the government has in

relation to its property;

adds "hold" in

section 12 (4) (c), as a consequence of the amendment to

section 11 of the Act.

Ferry Corporation Act

SECTION 5: [Ferry Corporation Act, amends

section 16 (1)] increases the limit of

outstanding debt of the British Columbia Ferry Corporation to $1 350 million.

Financial Administration Act

SECTION 6: [Financial Administration Act, amends

section 1] extends the definition of

"expenditure" to include non-cash expenses such as amortization of capital

assets.

SECTION 7: [Financial Administration Act, amends

section 11] defines the reporting

period that must be covered in a statement of expenditures and revenues, and requires the

statement to be tabled in the Legislative Assembly each time estimates are tabled.

SECTION 8: [Financial Administration Act, enacts

section 11.2] formalizes the advisory

role of the Economic Forecast Council and requires the Minister of Finance and Corporate

Relations to publish reports of its advice.

SECTION 9: [Financial Administration Act, amends

section 23] clarifies that this

restriction on spending authority applies to all Supply Act appropriations,

including allocations of non-cash expenses.

SECTION 10: [Financial Administration Act, adds

section 32 (8)] excepts non-cash

expenses from the cash expense requisition process of this section.

SECTION 11: [Financial Administration Act, amends

section 56.1] includes the Rapid

Transit Project 2000 Ltd. and designated organizations within the group of institutions to

which a prepaid capital advance may be made for its capital expenditures.

Greater Vancouver Transportation Authority Act

SECTION 12: [Greater Vancouver Transportation Authority Act, amends

section 21]

(

a) and (

b) clarifies the nature of the activity that

is prohibited by

section 21 (1) of the Greater Vancouver Transportation Authority

Act ;

(

c) provides the bylaws of the City of Vancouver that

prohibit the movement of trucks with the same deemed approval, in accordance

with

section 21 (4) of the Greater Vancouver Transportation Authority Act ,

as is available for those bylaws adopted by other municipalities.

SECTION 13: [Greater Vancouver Transportation Authority Act, adds

section 34 (4) and

(5)] allows the making of orders to exempt the Greater Vancouver Transportation Authority,

a subsidiary of the Greater Vancouver Transportation Authority, a contractor of the

Greater Vancouver Transportation Authority or a municipality from certain taxes, fees or

licensing requirements in relation to the construction, acquisition or operation of a

transportation service.

SECTION 14: [Greater Vancouver Transportation Authority Act, amends

section 122]

corrects a numbering error.

Highway Act

SECTION 15: [Highway Act, enacts

section 3.1] transfers highways outside municipal

limits, and arterial highways, from the government to the BC Transportation Authority,

effective at the end of March, 1999 and deems the authority to acquire any such highways

that come into being after that time. This enables the authority to account for those

highways as capital assets. However, the transfer does not affect the powers, duties,

functions and liabilities referred to in

section 3.1 (except for the purpose of enabling

the authority to account for the highways transferred). In addition, subsections (3) and

(7) provide a mechanism for transfer by order in council, effective at the end of March,

1999, to the authority of "corridor protection lands" presently held by the

government in anticipation of future highway development.

Industrial Development Incentive Act

SECTION 16: [Industrial Development Incentive Act, amends

section 3 (2) (b)] increases

to $500 million the cap on Industrial Development Incentive loans that the Minister of

Employment and Investment may make under the Industrial Development Incentive Act .

Land Title Act

SECTION 17: [Land Title Act, amends

section 115 (2)] amends the

section providing for

the deposit of statutory right of way plans by the Minister of Transportation and Highways

to take into account the changes made by this Bill to the Highway Act .

SECTION 18: [Land Title Act, amends

section 142 (1)] amends the

section providing for

the creating and dealing with "air space parcels" by the Minister of

Transportation and Highways, to take into account the changes made by this Bill to the Highway

Act .

Municipal Finance Authority Act

SECTION 19: [Municipal Finance Authority Act, adds

section 4 (6)] allows members of the

Municipal Finance Authority to approve resolutions by telephone or other communications

media and confirms that a resolution approved in accordance with

section 4 (6) of the Municipal

Finance Authority Act as enacted by this Bill is as valid as if passed at a proper

meeting of those members.

SECTION 20: [Municipal Finance Authority Act, repeals and replaces

section 8 (4)]

details the agreements into which the Municipal Finance Authority may enter in relation to

the borrowing, lending or investment of money.

SECTION 21: [Municipal Finance Authority Act, enacts

section 27.1] imposes joint and

several liability, for obligations arising under securities issued by a regional hospital

district to the Municipal Finance Authority of British Columbia, on the regional hospital

district, the regional district with which it shares its boundaries and the municipalities

that make up that regional district.

Municipalities Enabling and Validating Act (No. 2)

SECTION 22: [Municipalities Enabling and Validating Act (No. 2), enacts

Part 10]

by the proposed

section 45, authorizes the Greater Vancouver Regional District to

undertake short term borrowing, including borrowing on the commercial market, on behalf of

other regional authorities, and

by the proposed

section 46, validates borrowings made or to be made by the Greater

Vancouver Regional District on behalf of other regional authorities.

SECTION 23: [Additional Municipal Finance Authority of British Columbia powers]

provides to the Municipal Finance Authority of British Columbia the ability to issue

securities and grant indemnities in favour of the government in respect of debt

obligations owed by British Columbia Transit that are transferred to the Greater Vancouver

Transportation Authority under the Greater Vancouver Transportation Authority Act .

SECTION 24: [Additional Greater Vancouver Regional District powers] provides to the

Greater Vancouver Regional District the ability to issue securities and grant indemnities

in favour of the Municipal Finance Authority of British Columbia in respect of the

payments that that authority is obliged to make under the securities issued by it and

indemnities granted by it under

section 23 of this Bill.

SECTION 25: [Restructuring of Rapid Transit Project 2000 Ltd. debt] is self

explanatory.

Copyright © 1999: Queen's Printer, Victoria, British Columbia, Canada