Bill 205 — Third Session, 23Rd Legislature, 44 Elizabeth Ii the Legislative Assembly of Alberta Bill 205 Debt Retirement Act Dr. Percy (Legislature 23, Session 3)

L23 S3 2122

Alberta — Bills

1995 BILL 205 Third Session, 23rd Legislature, 44 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL 205 DEBT RETIREMENT ACT DR. PERCY First Reading Second Reading Committee of the Whole Third Reading Royal Assent Title: 1995 (23rd, 3rd) Bill 205, Debt Retirement Act

Bill 205 Dr. Percy BILL 205 1995 DEBT RETIREMENT ACT (Assented to , 1995) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows: 1 In this Act, (a) "Crown" means the Crown in right of Alberta; (b) "Debt Retirement Amount" means the amount shown in the

Schedule for each fiscal year; (c) "deficit" means the difference between the revenue and expenditures during a fiscal year if expenditures are more than revenue; (d) "estimates" means spending estimates of the Crown transmitted to the Legislative Assembly; (e) "expenditures" means expenditures of the Crown for all purposes; (f) "revenues" means revenue of the Crown from all sources; (g) "surplus" means the difference between revenue and expenditures during a fiscal year if expenditures are less than revenue; (h) "net debt" means the difference between Crown assets and 1

Crown liabilities during a fiscal year if liabilities are more than assets; (i) "unmatured debt" means the total amount of notes, bonds, debentures, interest bearing or non-interest bearing treasury bills issued by the Crown or other securities under which the Crown is a debtor. Purpose 2 The purpose of this Act is to propose an unfunded scheme which would demonstrate the retirement of the net debt of the Province by the fiscal year ending March 31, 2020. Debt Retirement

Schedule 3(1) The Provincial Treasurer shall prepare a Debt Retirement Schedule, to be tabled in the Legislative Assembly with the estimates.

(2) The Debt Retirement

Schedule shall show, for each fiscal year (

a) the amount by which the net debt would be reduced if the Debt Retirement Amount for that fiscal year was applied to the unmatured debt, and (

b) the outstanding total of the net debt after the application of the Debt Retirement Amount to the unmatured debt for that fiscal year. Reports on progress 4(1) The Provincial Treasurer shall table in the Legislative Assembly, on a quarterly basis, a report on the accuracy of the Debt Retirement

Schedule to date, (

a) with respect to the first three months of the fiscal year, on or before August 31 in that year, (

b) with respect to the first six months of the fiscal year, on or before November 30 in that year, (

c) with respect to the first nine months of a fiscal year, on or before February 28 in that year, and (

d) with respect to the entire fiscal year, on or before June 30 in conjunction with the release of the consolidated 2

financial statements of the Province of Alberta.

(2) If the Legislative Assembly is not sitting when a report is required by subsection (1), the Provincial Treasurer shall make copies of the report available to the public and lay the report before the Legislative Assembly within 15 days after the commencement of the next sitting.

(3) The report referred to in subsection (1) shall contain (

a) a forecast consolidated statement of assets, liabilities, unmatured debt and net debt for the current fiscal year and projections for each succeeding fiscal year as required under

section 2, (

b) a forecast of outstanding unmatured debt which shall contain a breakdown of existing long-term and short-term debt, length of maturity, any borrowing requirements to refinance maturities or redemption of unmatured debt, (

c) a forecast statement of the economic assumptions underlying the debt repayment schedule, including foreign exchange rates for debt held in foreign currency, interest rates, consumer price index, real and nominal gross domestic product growth per year and any other economic assumptions that the Provincial Treasurer may determine for each fiscal year as required under

section 2, (

d) an assessment of results achieved through use of the following performance indicators: (

i) net and unmatured debt as a percentage of both nominal and real gross domestic product; (ii) net and unmatured debt as a percentage of personal income; (iii) debt servicing charges as a percentage of total revenues; (iv) net and unmatured debt per capita; (

v) U.S.-denominated term debt as a percentage of total term debt; and 3

(vi) average-weighted term of unmatured debt. Auditor General 5(1) The Auditor General (

a) shall report on the debt retirement scheme as if it were fully funded, (

b) may inquire into any matter relating to this Act in accordance with a request of the Provincial Treasurer or the Standing Committee on Public Accounts. 4

SCHEDULE DEBT RETIREMENT AMOUNT Fiscal year ending March 31 Millions of Dollars 1997 225 1998 245 1999 267 2000 291 2001 318 2002 346 2003 377 2004 411 2005 448 2006 489 2007 532 2008 580 2009 633 2010 690 2011 752 2012 819 2013 893 2014 973 2015 1,061 2016 1,156 2017 1,260 2018 1,374 2019 1,498 2020 1,632 5 Title: 1995 (23rd, 3rd) Bill 205, Debt Retirement Act

Document details

Collection	Alberta — Bills
Citation	L23 S3 2122
Type	bill
Volume / chapter	L23 S3 2122
Language	en
Format	json
Source	PROVINCIAL
Identifier	da355f467bd8833ba07048f979811be518987da2

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