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1998 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 K. MacPHAIL

MINISTER OF FINANCE AND

CORPORATE RELATIONS

BILL 5 – 1998

BC-ALCAN NORTHERN DEVELOPMENT FUND ACT

Contents

Section

Definitions

Northern Development Fund

Purpose of the fund

Funding

Expenditures

Annual report

Advisory board

Power to make regulations

Transitional

Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of

British Columbia, enacts as follows:

Definitions

1 In this Act:

"Alcan" means Alcan Aluminium Limited;

"fund" means the Northern Development Fund established under

section 2;

"Northwestern British Columbia" includes the Nechako River basin and other

areas prescribed by regulation.

Northern Development Fund

2 The Northern Development Fund is established as a special account in the general

fund of the consolidated revenue fund.

Purpose of the fund

(1) The purpose of the fund is to promote sustainable economic development in

Northwestern British Columbia.

(2) Without limiting subsection (1), the fund may be used for the following:

(

a) supporting investment in new or existing businesses;

(

b) creating new employment or stabilizing existing employment;

(

c) supporting other goals that are consistent with subsection (1) and that the

minister considers desirable.

Funding

(1) The fund will consist of the following:

(a) $7.5 million transferred, before December 31, 2000,

to the fund from a vote, as defined in the Financial Administration Act ,

that provides for the transfer;

(b) $7.5 million contributed, before December 31, 2000, to the fund by Alcan;

(

c) any money received as contributions to the fund;

(

d) any interest or other income of the fund.

(2) Transfers and contributions to the fund under subsection (1) (

a) and (

b) must be

made in accordance with the agreement dated August 5, 1997, between the

government and Alcan.

Expenditures

(1) The minister may pay money out of the fund for the purposes referred to in

section 3.

(2) Without limiting subsection (1), the minister may make loans or investments out

of the fund for the purposes referred to in

section 3.

Annual report

6 The minister, not later than 90 days after the end of the fiscal year of the government,

must submit an annual report respecting the operation of the fund to the Treasury

Board and the annual report must include any information that the Treasury Board

specifies.

Advisory board

(1) The Northern Development Fund Advisory Board established under the

agreement dated August 5, 1997, between the government and Alcan is continued

for the purpose of advising the minister with respect to payments out of the fund.

(2) The advisory board consists of the members appointed by the Lieutenant

Governor in Council as follows:

(

a) one or more members representative of the government;

(

b) one or more members representative of local government;

(

c) one or more members representative of business, other than from Alcan;

(

d) one or more first nations representatives;

(

e) one or more trade union representatives;

(f) 2 persons nominated by Alcan as its representatives;

(

g) other persons representative of Northwestern British Columbia.

(3) The Lieutenant Governor in Council must designate a member of the advisory

board other than a member appointed under subsection (2) (

a) or (

f) as chair of

the advisory board.

Power to make regulations

(1) The Lieutenant Governor in Council may make regulations referred to in

section

41 of the

Interpretation Act .

(2) Without limiting subsection (1), the Lieutenant Governor in Council may make

regulations prescribing areas for the purpose of the definition of "Northwestern

British Columbia" in

section 1.

Transitional

9 The members of the Northern Development Fund Advisory Board appointed under

Order in Council 136/98 continue to be the members of the advisory board as if

appointed under

section 7.

Explanatory Note

This Act implements

Schedule 5 of the agreement dated August 5, 1997, between the government and Alcan by establishing the Northern Development Fund. The purpose of the fund is to promote sustainable economic development in Northwestern British Columbia.

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