An Act to amend the Blue Water Bridge Authority Act

Link to law: http://laws-lois.justice.gc.ca/eng/AnnualStatutes/2001_3/FullText.html

An Act to amend the Blue Water Bridge Authority Act

S.C. 2001, c. 3

Assented to 2001-05-10

An Act to amend the Blue Water Bridge Authority Act

SUMMARY

This enactment simplifies the provisions of the Blue Water Bridge Authority Act respecting the borrowing powers of the Blue Water Bridge Authority and places a monetary limit on them. Borrowing transactions will require the approval of the Ministers of Transport and Finance.

1964-65, c. 6Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

1. Subsection 7(3) of the Blue Water Bridge Authority Act is replaced by the following:

Marginal note:Section 21 of Interpretation Act

(3) For greater certainty, it is hereby declared that section 21 of the Interpretation Act applies to the Bridge Authority.

2. Section 13 of the Act and the heading before it are replaced by the following:

Borrowing Powers

Marginal note:Borrowing authorized

13. (1) The Bridge Authority may borrow money, including by means of the issuance, sale and pledge of bonds, debentures, notes or other evidence of indebtedness, so long as the total principal amount of borrowings outstanding at any time does not exceed $125,000,000.

Marginal note:Approval by Ministers

(2) Any borrowing transaction entered into by the Bridge Authority is subject to the approval of the Minister of Finance and the Minister of Transport.

Marginal note:Her Majesty not liable

(3) Her Majesty is not liable for the payment of any amount owing under an obligation incurred or an instrument issued by the Bridge Authority.

Definition of “borrowing”

(4) In this section, “borrowing” includes any transaction that is deemed to be a transaction to borrow money by regulations made under section 127 of the Financial Administration Act.

3. Sections 14 to 16 of the Act are repealed.
Read Entire Law on laws-lois.justice.gc.ca