1994 Legislative Session: 3rd Session, 35th Parliament
The following electronic version is for informational purposes only.
The printed version remains the official version.
HONOURABLE ELIZABETH CULL
MINISTER OF FINANCE AND
HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows:
1 Section 3 of the British Columbia Endowment Fund Act, S.B.C. 1992, c. 33, is amended by striking out "in perpetuity".
2 Section 5 is repealed and the following is substituted:
5 The Minister of Finance and Corporate Relations may transfer all or a part of the special fund into the general fund of the consolidated revenue fund.
3 The following section is added:
8 This Act is repealed on June 30, 1995 or on an earlier date prescribed by regulation of the Lieutenant Governor in Council.
4 The Energy Council Act, S.B.C. 1992, c. 5, is repealed.
5 Section 36 of the Financial Administration Act, S.B.C. 1981, c. 15, is amended by adding the following subsections:
(1.1) If an asset that is an investment other than an investment authorized under subsection (1) is transferred to the general fund from the British Columbia Endowment Fund, the Minister of Finance may retain that investment in the general fund until it matures or is otherwise realized.
(1.2) If an investment described in subsection (1.1) carries with it investment rights or obligations of any kind, the Minister of Finance may
(a) exercise those rights or fulfill those obligations,
(b) retain investments in the general fund acquired through the exercise of those rights or the fulfillment of those obligations, and
(c) exercise any further rights or fulfill any further obligations, and retain any further investments in the general fund, that may be acquired or incurred under this subsection.
6 Schedule 2 of the Freedom of Information and Protection of Privacy Act, S.B.C. 1992, c. 61, is amended by striking out the following:
British Columbia Energy Council
Minister of Energy, Mines
7 Section 3.2 (1) (b), (c) and (d) of the Pension (Teachers) Act, R.S.B.C. 1979, c. 320, is amended by striking out "1%" wherever it appears and substituting "1.13%".
8 Section 18.7 (2) is repealed and the following substituted:
(2) The commissioner shall, out of employer contributions to the inflation adjustment account of the fund, pay to the Medical Services Plan of British Columbia on behalf of the person the portion of the premium not paid under subsection (1).
9. The School Act, S.B.C. 1989, c. 61, is amended by adding the following section:
125.1 (1)The minister may, in respect of an allocation to a board under section 125 (1), provide a direction to the board specifying
(a) a minimum amount or percentage of the allocation that must be budgeted and spent by the board for students enrolled in
(i) an aboriginal education program specified by the minister, or
(ii) an education program specified by the minister for students with special needs, and
(b) a maximum amount or percentage of the allocation that may be budgeted and spent for school or district administration specified by the minister.
(2) The minister may vary a direction provided to a board under this section if there is a change in the circumstances under which the direction was made.
(3) A board shall budget and spend its allocation in accordance with any direction of the minister provided to it under this section.
10 Section 129.1 is repealed.
11 Section 133 (1) is amended by striking out "or" at the end of paragraph (d), by adding ", or" at the end of paragraph (e) and by adding the following: (f) the board has not budgeted or spent its block allocation in accordance with the direction provided to it by the minister under section 125.1.
12. Section 2 of the Special Accounts Appropriation and Control Act, S.B.C. 1988, c. 26, is amended by striking out "British Columbia Cultural Fund".
13 Section 3 is repealed.
14 Money may be paid out of the general fund of the consolidated revenue fund after the end of March, 1994 in satisfaction of liabilities incurred on the basis of an appropriation under the British Columbia Cultural Fund special account.
15 (1) Sections 4 and 6 come into force on December 1, 1994 or an earlier date set by regulation of the Lieutenant Governor in Council.
(2) The British Columbia Energy Council levy imposed under section 9 (2) of the Energy Council Act, S.B.C. 1992, c. 5, for the 1994/95 fiscal year must be pro rated so that the levy represents only the amount necessary to recover the expenses related to the operation of the council during the period from April 1, 1994 to the date on which section 4 comes into force.
(3) Sections 7 and 8 are deemed to have come into force on April 1, 1994, and are retroactive to the extent necessary to give them effect on and after that date.
(4) Sections 12 to 14 are deemed to have come into force on April 1, 1994 and are retroactive to the extent necessary to give them effect on and after that date.
SECTION 1: removes the words "in perpetuity" to allow the Endowment Fund to be terminated.
SECTION 2: allows the assets in the Endowment Fund to be transferred to the consolidated revenue fund or another special fund.
SECTION 3: repeals the Act effective June 30, 1995 or an earlier date set by regulation.
SECTION 4: repeals the Energy Council Act.
SECTION 5: is a consequential amendment to the Financial Administration Act to allow for the transfer of long term investments from the Endowment Fund.
SECTION 6: is consequential to the repeal of the Energy Council Act.
SECTION 7: increases the employer's contributions to the inflation adjustment account of the Teachers' Pension Fund established under the Pension (Teachers) Act from 1.0% to 1.13%.
SECTION 8: transfers the obligation to fund 1/2 of the Medical Services Plan premium for retired teachers from the Minister of Finance and Corporate Relations to the employer contributions to the inflation adjustment account.
SECTION 9: requires a board to budget and spend its allocation so that not less than an amount set by the Minister of Education is spent on aboriginal and special education programs and not more than an amount set by that minister is spent on administration.
SECTION 10: repeals the special education funding section that is replaced by the amendments to the School Act effected by this Bill.
SECTION 11: provides for grants to a board to be reduced or withheld if the board fails to comply with a direction of the Minister of Education provided under section 125.1 of the School Act as enacted by this Bill.
SECTION 12: terminates the British Columbia Cultural Fund Special Account.
SECTION 13: is consequential to the termination of the British Columbia Cultural Fund Special Account.
SECTION 14: allows for the payment of liabilities related to the British Columbia Cultural Fund Special Account.
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