1992 Legislative Session: 1st Session, 35th Parliament
The following electronic version is for informational purposes only.
The printed version remains the official version.
Certified correct as passed Third Reading on the 18th day of June, 1992
Ian D. Izard, Law Clerk.
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 1 of the Municipal Finance Authority Act, R.S.B.C. 1979, c. 292, is amended by adding the following definition:
"public institution" means
(a) a municipality or regional district,
(b) a hospital under Part 1 of the Hospital Act,
(c) a regional hospital district under the Hospital District Act,
(d) a board of school trustees under the School Act,
(e) a university under the University Act,
(f) an institution under the College and Institute Act,
(g) the British Columbia Institute of Technology under the Institute of Technology Act, and
(h) the Open Learning Agency under the Open Learning Agency Act; .
2 Section 3 (b) and (c) is repealed and the following substituted:
(b) provide interim financing for public institutions for the purposes referred to in section 9.1;
(c) provide short term investment opportunities for public institutions by the establishment and operation of pooled investment funds under section 13.1.
3 Section 9.1 (1) is repealed and the following substituted:
(1) The authority may enter into agreements with a public institution under which the authority provides financing for one or more of the following purposes, as applicable to the public institution:
(a) temporary financing of capital projects under section 342 or 815 of the Municipal Act;
(b) financing of short term debts for purposes of a capital nature under section 344 or 813 of the Municipal Act;
(c) borrowing in anticipation of the receipt of tax revenues under section 346 or 812.1 of the Municipal Act;
(d) borrowing by way of temporary loan to meet current operating expenditures under section 31 of the Hospital District Act;
(e) borrowing in anticipation of the receipt of current revenues under the Hospital Insurance Act;
(f) borrowing to meet current operating expenses under section 152 (1) of the School Act;
(g) borrowing in anticipation of the receipt of current revenues under section 30 (1) of the University Act;
(h) borrowing in anticipation of the receipt of current revenues under section 22 (1) of the College and Institute Act;
(i) borrowing in anticipation of the receipt of current revenues under section 13.3 (1) of the Institute of Technology Act;
(j) borrowing in anticipation of the receipt of current revenues under section 12 (1) of the Open Learning Agency Act.
4 Section 13.1 is amended
(a) by repealing subsections (1) and (2) and substituting the following:
(1) The authority may enter into agreements with public institutions under which, on the terms and conditions established in the agreements, the authority, in its own name or otherwise, holds and invests money received from the public institution for the purpose of investment in pooled investment funds as permitted for the public institution.
(2) The authority has the power to provide for the creation and management of pooled investment funds for the purposes of subsection (1). , and
(b) by repealing subsection (5) and substituting the following:
(5) At the first meeting of the authority in each year, the trustees shall present a report respecting the previous year to the authority, stating
(a) the pooled investment funds established,
(b) the public institutions investing in each fund, and
(c) the volume of investments made in respect of each fund.
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Copyright © 1992: Queen's Printer, Victoria, British Columbia, Canada