Nova Scotia Order in Council 10454/2002

O.C. 10454/2002

Nova Scotia — Orders in Council

OIC Number: 2002 - 264

Date of Order: May 31, 2002

Statute: Canada Pension Plan Provincial Finance Act Appropriations Act 2001

OIC Text: A.\x09Whereas

Chapter C-8 of the Revised Statutes of Canada, 1985, as amended, the Canada Pension Plan, (the "Canada Pension Plan") provides, among other things: \x09(a)\x09for the establishment of the Canada Pension Plan Investment Fund; \x09(b)\x09for the purchase by the Minister of Finance for Canada of securities of a province to the credit of the Canada Pension Plan Investment Fund, provided such securities comply with the conditions set forth in

Section 110 of the Canada Pension Plan, including \x09\x09(i)\x09that such security is issued to, or payable to, the credit of the Canada Pension Plan Investment Fund and is expressed to be not negotiable and not transferable or assignable; \x09\x09(ii)\x09that the term to maturity is twenty (20) years; \x09\x09(iii)\x09that it is redeemable in whole or in part before maturity only at the option of the Minister of Finance for Canada, in accordance with the provisions of the Canada Pension Plan; \x09\x09(iv)\x09that it bears interest payable semi-annually at such rate as is fixed from time to time by the Minister Finance for Canada and such rate is to be substantially the same as the interest rate that a province would be required to pay if it were to borrow the same amount for the same term through the issuance of a security on the public capital market, in accordance with the provisions of the Canada Pension Plan; B.\x09And

whereas subsection (1) of

Section 46 of the Provincial Finance Act,

Chapter 365 of the Revised Statutes of Nova Scotia, 1989 (the "Provincial Finance Act"), reads as follows: \x0946\x09(1)\x09Whenever, in any statute passed by the Legislature, authority is given to the Governor in Council to borrow or raise by way of loan, loan agreement or the issue of securities any sum of money, unless there is some provision to the contrary in the statute by which such authority is given, such sum may be borrowed at such times as the Governor in Council determines by the issue and sale of debentures which may be for such separate sums, may bear interest at such rate or rates and may be payable as to principal and interest at such time or times and at such place or places as the Governor in Council determines.

C.\x09And

whereas

Section 5 of the Appropriations Act, 2001, S.N.S., 2001,

Chapter 2, reads as follows: \x095\x09The Governor in Council is authorized, for purposes of Sections 46 and 52 of the Provincial Finance Act, and the Minister of Finance is authorized, for purposes of borrowing for a term of greater than one calendar year pursuant to Sections 47 and 52 of that Act, to borrow or raise by way of loan on the credit of the Province, either before or after the expiration of the said fiscal year, and in addition to borrowings authorized by other enactments, the sum of $1,500,000,000 for the public service. D.\x09And

whereas the Governor in Council has not heretofore exceeded the authority to borrow set forth in

Section 5 of the Appropriations Act, 2001; E.\x09And

whereas there are no contrary statutory provisions as contemplated by subsection 46(1) of the Provincial Finance Act; F.\x09And

whereas the Governor in Council deems it necessary to borrow or raise by way of loan, loan agreement or the issue of securities, a sum of $96,251,000 in lawful money of Canada on the credit of the Province of Nova Scotia (the "Province") pursuant to subsection 46 (1) of the Provincial Finance Act and

Section 5 of the Appropriations Act, 2001, by the issue and sale of debentures of the Province to the Canada Pension Plan Investment Fund; G.\x09And

whereas the Governor in Council deems it advisable that the securities issued from time to time in respect of advances from the Canada Pension Plan Investment Fund shall be consolidated from time to time in accordance with the provisions of the Canada Pension Plan. \x09Now therefore the Governor in Council, by and with the advice of the Executive Council, in and by virtue of

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

Chapter 2 of the Statutes of Nova Scotia, 2001, the Appropriations Act, 2001 and of every other power and authority in her vested in this behalf, is pleased to order: 1.\x09That for the public service as aforesaid, the sum of $96,251,000 in lawful money of Canada be raised on the credit of the Province by the issue and sale of debentures of the Province in the aggregate principal amount of $96,251,000 to the Receiver General for Canada to the credit of the Canada Pension Plan Investment Fund, established by the Canada Pension Plan, and that such aggregate principal amount shall be charged to the Appropriations Act, 2001; 2.\x09That the said debentures shall be dated March 1, 2002 on original issue and consist of $96,251,000 aggregate principal amount, bear interest at the rate of six and four- tenths (6.40%) per centum per annum with said interest accruing from March 1, 2002 and mature on March 1, 2022 (the "Debentures"); 3.\x09That the principal and interest secured by such Debentures be payable in lawful money of Canada and the said principal and interest be a charge upon the revenue, money and funds of and be a direct and unconditional obligation of the Province; 4.\x09That the aforementioned interest be payable half-yearly in arrears on March 1 and September 1 in each year until maturity, the first interest payment date being September 1, 2002, all in accordance with the terms and conditions of the Debentures; 5.\x09That the Debentures be numbered CP39 and upwards; 6.\x09That the Debentures shall be subject to prepayment or redemption in whole or in part of the principal sum of each Debenture and interest accrued thereon to the date of such prepayment or redemption at such time or times and in such amount or amounts as may be determined by the Minister of Finance for Canada at his option, provided that notice in writing at least six (6) months before the date of redemption shall have first been given to the Minister of Finance or the Deputy Minister of Finance as prescribed in Sections 110(6.2) and (6.3) of the Canada Pension Plan, and provided that such prepayment or redemption is in accordance with the provisions of Sections 110(6.2) and (6.3) of the Canada Pension Plan.

In the event of the prepayment or redemption of a part only of the principal sum secured by any Debenture, the part prepaid or redeemed may be paid without surrender or presentation of the original Debentures; 7.\x09That the Debentures be signed on behalf of the Province by the Minister of Finance, or for him, the Deputy Minister of Finance, the Assistant Deputy Minister of Finance, the Controller for the Province of Nova Scotia, the Executive Director, Pensions, Investments and Treasury Services or the Director of Liability Management and Treasury Services (collectively, the "Authorized Provincial Officials"), and that the said Debentures be deemed to be duly executed by the Province when bearing the original manual, printed, engraved, lithographed, facsimile or otherwise reproduced signature of any one or more of the Authorized Provincial Officials; 8.\x09That the Debentures may be redeemed by the Minister of Finance in the manner prescribed by, and in accordance with the provisions of, subsection (6.4) of

Section 110 of the Canada Pension Plan; 9.\x09That the Debentures may from time to time be consolidated in the manner prescribed by, and in accordance with the provisions of, subsection (7) of

Section 110 of the Canada Pension Plan; 10.\x09That the Debentures shall be substantially in the following form or in such form with such terms and conditions as approved by the Authorized Provincial Officials, or any one or more of them, provided, however, that the Debentures shall be in such form and shall be subject to such terms and conditions as to constitute them a security as defined in

Section 110 of the Canada Pension Plan: UNLESS THIS GLOBAL DEBENTURE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE RECEIVER GENERAL FOR CANADA, OR ITS LAWFUL SUCCESSOR, TO THE PROVINCE OF NOVA SCOTIA OR ITS REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL DEBENTURE ISSUED IS REGISTERED IN THE NAME OF THE RECEIVER GENERAL FOR CANADA OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE RECEIVER GENERAL FOR CANADA (AND ANY PAYMENT IS MADE TO THE RECEIVER GENERAL FOR CANADA, OR TO SUCH OTHER ENTITY AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE RECEIVER GENERAL FOR CANADA), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, THE RECEIVER GENERAL FOR CANADA, HAS AN INTEREST HEREIN.

CP39\x09$96,251,000 \x09PROVINCE OF NOVA SCOTIA \x09Canada \x096.40% DEBENTURE \x09DUE March 1, 2022\x09 Issue of Global Debenture amounting in the whole to the sum of Ninety-Six Million and Two Hundred and Fifty-One Thousand Dollars in lawful money of Canada made under the authority of Acts of the Legislature of Nova Scotia, namely,

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

Chapter 2 of the Acts of 2001, the Appropriations Act, 2001, and an Order of the Lieutenant-Governor in Council, numbered 2002-264, dated May 31, 2002, made pursuant thereto, and ranks equally with all other unsecured and unsubordinated indebtedness and obligations of the Province of Nova Scotia from time to time outstanding. \x09The Province of Nova Scotia (the "Province") for value received, hereby promises to pay to the RECEIVER GENERAL FOR CANADA to the credit of the Pension Plan Investment Fund provided for in the Canada Pension Plan, being

Chapter C-8 of the Revised Statutes of Canada, 1985, as amended (the "Canada Pension Plan"), on March 1, 2022, upon presentation and surrender of this Debenture the principal sum of NINETY-SIX MILLION TWO HUNDRED AND FIFTY-ONE THOUSAND DOLLARS in lawful money of Canada.

Interest will be paid on the principal amount hereof (or such part thereof as shall from time to time remain outstanding) from March 1, 2002, at the rate of six and four-tenths (6.40%) per centum per annum, both before and after maturity, in like money half-yearly in arrears on March 1 and September 1, in each and every year, beginning September 1, 2002 until the said principal sum is fully paid. \x09This Global Debenture shall mature and be due and payable on March 1, 2022, subject to its prior prepayment or redemption in whole or in

part in accordance with the provisions hereinafter contained. \x09The Province promises that it will prepay or redeem the whole or any part of the said principal sum and interest accrued thereon to the date of such prepayment or redemption at such time or times and in such amount or amounts as may be determined by the Minister of Finance of Canada, at his option; provided that notice in writing at least six months before the date of redemption shall have first been given to it as provided in subsections 110(6.2) and (6.3) of the Canada Pension Plan and provided such prepayment or redemption is in accordance with the provisions of subsections 110(6.2) and (6.3) of the said Act.

In the event of the prepayment or redemption of a part of this Debenture the part prepaid or redeemed may be paid without surrender or presentation of this Debenture, provided that the Minister of Finance for Canada will cause a notation of such partial payment or redemption to be made on this Debenture and will acknowledge in writing to the issuer that such notation has been made. \x09This Global Debenture is redeemable, in whole or in part, at the option of the Province, pursuant to subsection 110(6.4) of the Canada Pension Plan. \x09This Global Debenture is not negotiable and not transferable or assignable and shall not be pledged as security or otherwise charged. \x09The principal and interest secured by this Global Debenture are payable in lawful money of Canada and the said principal and interest are a charge upon the revenue, money and funds of the Province. \x09This Global Debenture, when signed and delivered as herein contemplated, will be direct, unconditional and general obligations of the Province, will be unsecured and rank pari passu with all other unsecured and unsubordinated notes, bonds, debentures and other similar securities issued by the Province, and the payment of principal and interest on the debentures will be a charge on the revenue, money and funds of the Province. \x09This Global Debentures are governed by, and shall be construed in accordance with, the laws of the Province of Nova Scotia and the laws of Canada applicable therein. \x09Dated at Halifax Regional Municipality, in the Province of Nova Scotia on the 1st day of March, 2002. \x09On behalf of the Province of Nova Scotia, Signed by:\x09\x09\x09\x09\x09Countersigned by: ________________\x09\x09\x09\x09________________\x09\x09 William D.

Hogg\x09\x09\x09\x09Douglas P.

Stratton Deputy Minister of Finance\x09\x09\x09Executive Director \x09\x09\x09\x09\x09\x09Investments, Pensions and Treasury Services 10.\x09That, upon maturity, the Debentures may be renewed, in whole or in part, by the Minister of Finance, in accordance with the provisions of the Canada Pension Plan, and any portion of the Debentures not renewed shall be paid out upon maturity; 11.\x09That the Debentures when signed and delivered as herein contemplated, will be direct, unconditional and general obligations of the Province, will be unsecured and rank pari passu with all other unsecured and unsubordinated notes, bonds, debentures and all other similar securities issued by the Province; 12.\x09That if any Authorized Provincial Official whose original engraved, lithographed or other facsimile signature appears on any Debenture shall cease to be such official prior to or after the issuance thereof, the Debenture bearing such original, engraved, lithographed or other facsimile signature shall nevertheless be valid; 13.\x09That all acts of persons and agents undertaken on behalf of the Province in connection with the issuance of the Debentures shall be considered to be valid notwithstanding the fact that such acts were done before the date of this Order; and 14.\x09That all necessary and proper proceedings be taken or carried out by the Authorized Provincial Officials, or any one or more of them, including amending or execution of all required documents, to give effect to the intent of this Order, including the creation, issue, sale and fulfilment of the terms and conditions of the Debentures.

Department(s): Finance

Document details

Collection	Nova Scotia — Orders in Council
Citation	O.C. 10454/2002
Date	2002-01-01
Type	order_in_council
Volume / chapter	2002 10454
Language	en
Format	html
Source	PROVINCIAL
Identifier	b97099aae8bfabf5aa9473f3c28f0482dccf9994

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