OIC Number: 2001 - 503

Date of Order: Nov 01, 2001

Statute: Sydney Steel Corporation Sale Act Provincial Finance Act Sydney Steel Corporation Act

OIC Text: The Governor in Council on the report and recommendation of the Minister of Finance dated October 4, 2001, pursuant to

Chapter 33 of the Acts of 2000, the Sydney Steel Corporation Sale Act, clause 2(

n) and subsection 17(1) of

Chapter 365 of the Revised Statutes of Nova Scotia, 1989, the Provincial Finance Act, and

Section 26 of

Chapter 456 of the Revised Statutes, 1989, the Sydney Steel Corporation Act, is pleased to: (

a) designate as a special fund the sum of $250,000,000.00 as provided for under "Unusual Item" in the Consolidated Statement of Operations in Statement 2 of the Public Accounts of the Province for the fiscal year 1999-2000, and as further described in Note 3 to the Consolidated Financial Statements for that fiscal period as "Environmental Remediation of Sysco and Adjacent Sites", on the following terms and conditions: (

i) the fund shall be called the "Sysco Decommissioning Fund" (the "Fund"), (ii) the total expenses which may be charged to the Fund shall not exceed the sum of $250,000,000.00, (iii) the Fund shall be used for costs related to the decommissioning, demolition and remediation of the Sydney Steel Corporation ("Sysco") and adjacent sites, (iv) the Minister responsible for Sysco, on the recommendation of the Board of Directors for Sysco ("the Board") shall submit for approval to Treasury and Policy Board for each fiscal year for which work is to be undertaken in accordance with paragraph (a)(iii) herein an annual expenditure plan of the expenses anticipated with respect to the activities required for that year, (

v) upon approval of the expenditure plan as required in paragraph (a) (iv) herein, the Board may in the fiscal year for which the expenditure plan was prepared, authorize expenditures to be charged to the Fund in an amount not to exceed the approved amounts.

Subject to the limits provided in paragraph (a)(ii) herein, in the event that the Board expects that the expenditures for a fiscal year will exceed the approved amounts, the Minister responsible for Sysco, upon the recommendation of the Board, shall obtain the approval of the Treasury and Policy Board for such additional expenditures, (vi) in the event that there are insufficient funds in the Sysco Decommissioning Fund for the purposes as herein set out, Treasury and Policy Board may direct the Minister of Finance to transfer from the Muggah Creek Remediation Fund to the Sysco Decommissioning Fund such sum or sums as may be necessary for the purposes of the Sysco Decommissioning Fund, (vii) the Minister of Finance shall pay from the Fund such sums as required and approved in accordance with this Order, and (viii) in the event that the total of the funds required for purposes of this Fund is less than the amount referred to in paragraph (a)(ii) herein, the difference shall be applied by the Minister of Finance to any deficit of the Province, or to any debt of the Province; (

b) designate as a special fund the sum of $68,500,000.00 as provided for under "Unusual Item" in the Consolidated Statement of Operations in Statement 2 of the Public Accounts of the Province for the fiscal year 1999-2000, and as further described in Note 3 to the Consolidated Financial Statements for that fiscal period as "Environmental Remediation of the Sydney Tar Ponds Site", on the following terms and conditions: the fund shall be called the "Muggah Creek Remediation Fund" (the "Fund"), (ii) the total expenses which may be charged to the Fund shall not exceed the sum of $68,500,000.00, (iii) the Fund shall be used for the Province's share of the costs related to the environmental remediation of the Sydney tar ponds and Muggah Creek, (iv) the Minister of Transportation and Public Works shall submit for approval to the Treasury and Policy Board for each fiscal year for which work is to be undertaken in accordance with paragraph (b)(iii) herein an annual expenditure plan of the expenses anticipated with respect to the activities required for that year, (

v) upon approval of the expenditure plan as required in paragraph (b)(iv) herein, the Minister of Transportation and Public Works, or such official as designated in writing by the said Minister for the purpose, may in the fiscal year for which the expenditure plan was prepared, authorize expenditures to be charged to the Fund in an amount not to exceed the amounts so approved.

Subject to the limits provided in paragraph (b)(ii) herein, in the event that the Minister of Transportation and Public Works anticipates that the expenditures for a fiscal year will exceed the approved amounts, the said Minister shall obtain the approval of the Treasury and Policy Board for such additional expenditures, (vi) in the event that there are insufficient funds in the Muggah Creek Remediation Fund for the purposes as herein set out, Treasury and Policy Board may direct the Minister of Finance to transfer from the Sysco Decommissioning Fund to the Muggah Creek Remediation Fund such sum or sums as may be necessary for the purposes of the Muggah Creek Remediation Fund, (vii) the Minister of Finance shall pay from the Fund such sums as required and approved in accordance with this Order, and (viii) in the event that the total of the funds required for purposes of this Fund is less than the amount referred to in paragraph (b)(ii) herein, the difference shall be applied by the Minister of Finance to pay any deficit of the Province, or to pay any debt of the Province.

Department(s): Finance