1992 Legislative Session: 1st Session, 35th Parliament
FIRST READING
The following electronic version is for informational purposes only.
The printed version remains the official version.
MINISTER OF MUNICIPAL AFFAIRS,
RECREATION AND HOUSING
HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows:
1 Section 18 (3) and (4) of the Electrical Safety Act, R.S.B.C. 1979, c. 104, is repealed.
2 Section 26 of the Fire Services Act, R.S.B.C. 1979, c. 133, is repealed and the following substituted:
26 (1) Each municipal council shall provide for a regular system of inspection of hotels and public buildings in the municipality.
(2) A municipal council may authorize persons, in addition to the local assistant, to exercise within the municipality some or all of the powers under sections 21 to 23.
Greater Vancouver Sewerage and Drainage District Act
3 The Greater Vancouver Sewerage and Drainage District Act, S.B.C. 1956, c. 59, is amended by adding the following section under the heading "Financial.":
34.1 (1) The Corporation may by by-law establish reserve funds and special reserve funds, and sections 378, 379, 380.1 (1), (2),
(3) (b) and (c) and (4), 382, 383 (1), (2) and (4), 384 and 385 of the Municipal Act apply to the Corporation and to any fund so established.
(2) In addition to any amounts that may be paid into a special reserve fund under subsection (1), amounts included in the annual budget for the purpose of a special reserve fund may be paid into the fund.
4 Section 39 (2) is repealed and the following substituted:
(2) A by-law referred to in subsection (1) shall, in respect of debentures or other securities issued under the by-law,
(a) provide for raising sufficient money in each debenture year to pay, as it falls due, the interest payable under the debentures or other securities,
(b) where the entire principal amount of the debentures or other securities is not payable at one fixed date, provide for raising sufficient money in each debenture year to pay, as they fall due, the instalments of principal or principal amounts that become payable under the debentures or other securities,
(c) where the entire principal amount of the debentures or other securities is payable at a fixed date that is more than 5 years but less than 20 years after the date of the issue of the debentures or other securities, provide, subject to subsection (2.1), for raising the amount of money in each debenture year that the Board determines is necessary or desirable to establish and maintain a sinking fund to pay, on that fixed date, some or all of the principal secured by the debentures or other securities, and
(d) where the entire principal amount of the debentures or other securities is payable at a fixed date that is 20 years or more after the date of the issue of the debentures or other securities, provide for raising sufficient money to pay, on that fixed date, the full amount of principal secured by the debentures or other securities.
(2.1) The amount raised in each debenture year for a sinking fund established under subsection (2) (c) shall be not less than the amount that must be invested in each of 25 successive years at the rate of interest referred to in subsection (2.3) to realize, by the end of that 25 years, the amount that would be required to pay, in full, the principal amount secured by the debentures or other securities.
(2.2) Where the entire principal amount of debentures or other securities issued under a by-law referred to in subsection (1) is payable at a fixed date that is not more than 5 years after the date of the issue of the debentures or other securities, the Board may, but need not, provide in the by-law for raising the amount of money in each debenture year that the Board determines is necessary or desirable to establish and maintain a sinking fund to pay, on that fixed date, some or all of the principal secured by the debentures or other securities.
(2.3) The amount of money to be raised annually for a sinking fund created under this section shall be determined with reference to interest being paid on the sinking fund investment at a rate of not more than 5% per annum capitalized annually.
(2.4) The Board shall in each fiscal year review all of the sinking funds created under this section and determine whether additional money should be raised in the current debenture year to satisfy the requirements of this section.
5 Section 40 is amended by adding the following paragraph:
(d) To borrow, for the purpose of repaying the principal amounts secured by debentures or other securities issued by the Corporation, an amount of money that, when added to the amount of sinking fund, if any, available for application to the indebtedness being repaid, is sufficient to permit that repayment, and to authorize the issue and sale of new debentures or other securities to secure that borrowing: .
6 The Greater Vancouver Water District Act, S.B.C. 1924, c. 22, is amended by adding the following section under the heading "Financial.":
57.1 (1) The Corporation may by by-law establish reserve funds and special reserve funds, and sections 378, 379, 380.1 (1), (2), (3) (b) and (c) and (4), 382, 383 (1), (2) and (4), 384 and 385 of the Municipal Act apply to the Corporation and to any fund so established.
(2) In addition to any amounts that may be paid into a special reserve fund under subsection (1), amounts included in the annual budget for the purpose of a special reserve fund may be paid into the fund.
7 Section 63 (2) is repealed and the following substituted:
(2) A by-law referred to in subsection (1) shall, in respect of debentures or other securities issued under the by-law,
(a) provide for raising sufficient money in each debenture year to pay, as it falls due, the interest payable under the debentures or other securities,
(b) where the entire principal amount of the debentures or other securities is not payable at one fixed date, provide for raising sufficient money in each debenture year to pay, as they fall due, the instalments of principal or principal amounts that become payable under the debentures or other securities,
(c) where the entire principal amount of the debentures or other securities is payable at a fixed date that is more than 5 years but less than 20 years after the date of the issue of the debentures or other securities, provide, subject to subsection (2.1), for raising the amount of money in each debenture year that the Board determines is necessary or desirable to establish and maintain a sinking fund to pay, on that fixed date, some or all of the principal secured by the debentures or other securities, and
(d) where the entire principal amount of the debentures or other securities is payable at a fixed date that is 20 years or more after the date of the issue of the debentures or other securities, provide for raising sufficient money to pay, on that fixed date, the full amount of principal secured by the debentures or other securities.
(2.1) The amount raised in each debenture year for a sinking fund established under subsection (2) (c) shall be not less than the amount that must be invested in each of 25 successive years at the rate of interest referred to in subsection (2.3) to realize, by the end of that 25 years, the amount that would be required to pay, in full, the principal amount secured by the debentures or other securities.
(2.2) Where the entire principal amount of debentures or other securities issued under a by-law referred to in subsection (1) is payable at a fixed date that is not more than 5 years after the date of the issue of the debentures or other securities, the Board may, but need not, provide in the by-law for raising the amount of money in each debenture year that the Board determines is necessary or desirable to establish and maintain a sinking fund to pay, on that fixed date, some or all of the principal secured by the debentures or other securities.
(2.3) The amount of money to be raised annually for a sinking fund created under this section shall be determined with reference to interest being paid on the sinking fund investment at a rate of not more than 5% per annum capitalized annually.
(2.4) The Board shall in each fiscal year review all of the sinking funds created under this section and determine whether additional money should be raised in the current debenture year to satisfy the requirements of this section.
8 Section 63A is amended by adding the following paragraph:
(e) To borrow, for the purpose of repaying the principal amounts secured by debentures or other securities issued by the Corporation, an amount of money that, when added to the amount of sinking fund, if any, available for application to the indebtedness being repaid, is sufficient to permit that repayment, and to authorize the issue and sale of new debentures or other securities to secure that borrowing.
9 The Municipalities Enabling and Validating Act (No. 2), S.B.C. 1990, c. 61, is amended by adding the following section:
12 (1) Notwithstanding the Municipal Act but subject to this section, the Regional District of Central Okanagan may provide by bylaw that a portion of the costs of the Johnson-Bentley Memorial Aquatic Centre, established by bylaw cited as "Johnson-Bentley Aquatic Centre Specified Area Establishment and Loan Authorization Bylaw No. 329, 1987", be recovered by means of a parcel tax that applies only to parcels that are eligible residential property classified as Class 1 property under section 26 of the Assessment Act.
(2) Before a bylaw under subsection (1) is adopted, it must receive the assent of the electors in the entire service area and, for this purpose, sections 796 (2) and 798 of the Municipal Act apply.
(3) A parcel tax under subsection (1) must be imposed in the manner provided in sections 810 (2) and 810.1 (2) of the Municipal Act.
(4) The portion of the costs that may be recovered by a parcel tax under this section, together with any portion recovered by a property value tax on those parcels, must equal the portion that would otherwise be recoverable by means of a property value tax levied under section 810 (1) and 810.1 (1) of the Municipal Act for Class 1 property referred to in subsection (1) on the same parcels.
(5) On adoption of a bylaw under this section, the secretary of the regional district board must file the bylaw with the inspector of municipalities.
10 Section 4 of the Revenue Sharing Act, R.S.B.C. 1979, c. 368, is amended by adding the following subsection:
(3.1) Conditional grants referred to in subsection (3) (a) may be made for planning purposes under section 27 of the Islands Trust Act, as if the local trust committees and the executive committee acting as a local trust committee were regional districts, with the grants payable to the trust council under that Act for these purposes.
11 Section 4 of the Union of British Columbia Municipalities Incorporation Act, S.B.C. 1959, c. 106, is amended by adding the following paragraph:
(h.1) to promote and initiate educational training in municipal administration, including contributing, receiving, managing and investing contributions and donations from members or other persons for the C.S.J. McKelvey Scholarship Fund or other funds and expending these in granting scholarships and bursaries to municipal employees and officers for improving their education or proficiency in municipal administration; .
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