Bill C-83
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2nd Session, 35th Parliament, 45-46 Elizabeth II, 1996-97
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The House of Commons of Canada
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BILL C-83 |
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An Act to provide borrowing authority for the
fiscal year beginning on April 1, 1997
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| Short title
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1. This Act may be cited as the Borrowing
Authority Act, 1997-98.
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| Borrowing
authority
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2. (1) The Minister of Finance, with the
approval of the Governor in Council, may
raise money under the Financial Administra
tion Act by way of loan or by the issue and sale
of securities of Canada on and after the later
of April 1, 1997 and the day on which this Act
comes into force, in such amount or amounts,
not exceeding in the whole ten billion, eight
hundred million dollars, as may be required
for public works and general purposes.
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| Reduction of
maximum
amount
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(2) If this Act comes into force after March
31, 1997, the maximum amount of the bor
rowing authority conferred by subsection (1)
is reduced by any amount that is borrowed
pursuant to the Borrowing Authority Act,
1996-97 during the period beginning on April
1, 1997 and ending on the day before the day
on which this Act comes into force.
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| Expiration
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3. The borrowing authority conferred by
section 2 expires on March 31, 1998 with
respect to any unused portion in excess of four
billion dollars in respect of which the Gover
nor in Council has taken no action pursuant to
section 44 of the Financial Administration
Act.
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| Effective date
for calculation
of charge
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4. The effective date of the borrowing
authority conferred by section 2 is deemed to
be April 1, 1997 for the purpose of calculating,
in accordance with section 45 of the Financial
Administration Act, the charge against the
amount of money that this Act authorizes to be
borrowed.
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| Expiration of
previous
authority
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5. Any unused borrowing authority con
ferred by the Borrowing Authority Act,
1996-97 in respect of which the Governor in
Council has taken no action pursuant to
section 44 of the Financial Administration Act
expires on the later of March 31, 1997 and the
day on which this Act comes into force.
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