Municipal Finance Corporation Act (amended)

Clause 1 changes the long title of the Municipal Finance Corporation Act.

Clause 2 changes the short title of the Municipal Finance Corporation Act to the "Public Infrastructure Finance Corporation Act".

(d) amends the definition of "service commission" to include an inter-municipal service corporation incorporated under the Municipal Government Act.

Clause 4 changes the name of the Nova Scotia Municipal Finance Corporation to the "Nova Scotia Public Infrastructure Finance Corporation".

(b) provides for appointments to the Board of the Municipal Finance Corporation of representatives from certain education and health bodies.

Clause 6 adds universities to the list of entities that may receive financing under the Act.

Clause 7 adds a Section deeming universities to be municipalities for the purpose of financing under the Act.

Clause 8 expands the regulation-making power of the Governor in Council to make regulations necessary for the other changes made by this Bill.

Clause 9 limits the ability of the Corporation to accept securities of a university unless requirements of the Minister of Education have been met and that Minister has approved the issue of the security.

Clause 10 replaces an outdated statutory cross-reference.

1 The long title of Chapter 301 of the Revised Statutes, 1989, the Municipal Finance Corporation Act, is amended by striking out "Municipal" in the second line and substituting "Public Infrastructure".

2 Section 1 of Chapter 301 is amended by striking out "Municipal" in the first line and substituting "Public Infrastructure".

(c) adding "a body designated as a municipal enterprise in the regulations or" immediately after "includes" in the sixth line of clause (f);

(d) adding "and an inter-municipal service corporation incorporated under Section 60 of the Municipal Government Act," immediately after "thereof" in the sixteenth line of clause (h);

(e) striking out the period at the end of clause (h) and substituting a semicolon; and

4 Section 3 of Chapter 301 is amended by striking out "Municipal" in the second line and substituting "Public Infrastructure".

(b) striking out "less" in the second line and substituting "fewer".

(2) Section 4 of Chapter 301 is further amended by adding immediately after subsection (2) the following subsection:

(a) the Council of Nova Scotia University Presidents;

(b) the Nova Scotia School Boards Association, if that Association so desires; and

6 Section 7 of Chapter 301, as amended by Chapter 18 of the Acts of 1998, is further amended by adding ", universities" immediately after "enterprises" in the second line.

7 Chapter 301 is further amended by adding immediately after Section 7 the following Section:

7A For the purpose of this Act, a university is deemed to be a municipality to the extent necessary to permit the financing of the university on the same terms and conditions that apply to a municipality under this Act and this Act applies mutatis mutandis to a university on the same terms.

8 Subsection 8(2) of Chapter 301 is repealed and the following subsection substituted:

(a) prescribing or prohibiting financial transactions or classes of transactions or classes of financial transactions that the corporation may enter into pursuant to clause (gb) of subsection (1);

(b) designating any body in the municipal, academic, school and hospital sector as a municipal enterprise for the purpose of this Act;

(d) respecting any matter or thing that the Governor in Council considers necessary or advisable to carry out effectively the intent and purpose of this Act.

9 Section 15 of Chapter 301 is amended by adding immediately after subsection (3) the following subsection:

(4) The Corporation shall not accept a note, bond, debenture or security of a university unless all requirements of the Minister of Education have been complied with by the university and the issue of the note, bond, debenture or security has been approved by the Minister of Education.

10 Chapter 301 is further amended by striking out "Municipal Affairs Act" wherever that expression appears in Chapter 301 and substituting in each case "Municipal Government Act".

This page and its contents published by the Office of the Legislative Counsel, Nova Scotia House of Assembly, and © 2007 Crown in right of Nova Scotia. Created November 23, 2007. Send comments to legc.office@gov.ns.ca.

BILL NO. 9

(as introduced)