Second

Session, 45th General Assembly

Elizabeth II, 2005

BILL 46

AN ACT TO AMEND THE

FINANCIAL ADMINISTRATION ACT

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

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

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

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

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

HONOURABLE

LOYOLA SULLIVAN

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 Financial Administration Act to include

sinking fund contributions as debt repayment for the purpose of the borrowing

authority contained in the Act .

A BILL

AN ACT TO AMEND THE FINANCIAL

ADMINISTRATION ACT

Analysis

S.42 Amdt.

Repayment of loans by new issues

Be it enacted by the Lieutenant-Governor and

House of Assembly in Legislative Session convened, as follows:

RSNL1990 cF-8

as amended

1. Subsection 42(1) of the Financial Administration Act is repealed and the following

substituted:

Repayment of

loans by new issues

(1) The Lieutenant-Governor in Council may raise, by way of

loan in the manner prescribed in subsection 38(1), the sum of money required to

repay, renew or refund, in whole or in part, securities issued under the

authority of this or another Act, including the sum of money required to make

payments into the Newfoundland and Labrador Government Sinking Fund or another

sinking fund established for the retirement or repayment, in whole or in part,

of securities issued under this Act or another Act, whether or not the raising

of the loan may have the effect of increasing the amount of the public debt or

of extending the term of years prescribed in the Act authorizing the issue of

the securities proposed to be repaid, renewed or refunded.

Earl G. Tucker, Queen's Printer