First

Session, 49th General Assembly

Elizabeth II, 2020

BILL 31

AN ACT TO AMEND THE LOAN AND GUARANTEE ACT, 1957

Received and Read the First Time ..................................................................................................

Second Reading .................................................................................................................................

Committee ...........................................................................................................................................

Third Reading .....................................................................................................................................

Royal Assent ......................................................................................................................................

HONOURABLE TOM

OSBORNE

Minister of Finance

and President of Treasury Board

Ordered to be printed by

the Honourable House of Assembly

EXPLANATORY NOTES

This Bill would amend the

Schedule to the

Loan and Guarantee Act, 1957.

Order in Council 2005-066 authorized a

loan guarantee of $350,000 in order to secure additional operating credit for

the Stephenville Airport Corporation during the period of its restructuring. In

2010, the guarantee was increased by $250,000, with an additional increase of

$300,000 being authorized in 2016. In addition, in 2016 an expiry date of March

31, 2016 was confirmed and that date was extended to June 30, 2016 and then

further extended to October 31, 2016 and then to March 31, 2018. In 2018, the

expiry date was extended to March 31, 2019 and in 2019, the expiry date was

extended to March 31, 2020. This Bill

would further extend that expiry date to March 31, 2021.

A BILL

AN ACT TO AMEND THE LOAN AND GUARANTEE ACT,

Analysis

Sch. Amdt.

Be it enacted by the Lieutenant-Governor and

House of Assembly in Legislative Session convened, as follows:

1957 No. 70

as amended

1. The

Schedule to the Loan and Guarantee Act, 1957 is amended by amending Item 2 -

Stephenville Airport Corporation, as enacted by

chapter 6 of 2005 and amended

chapter 20 of 2010,

chapter 26 of 2016,

chapter 39 of 2016,

chapter 13 of

2018 and

chapter 7 of 2019, by striking out the expiry date of "Mar.

31/20" and substituting the expiry date of "Mar. 31/21".

Queen's Printer