Bill C-14
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42-43 ELIZABETH II |
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CHAPTER 4 |
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An Act to provide borrowing authority for the
fiscal year beginning on April 1, 1994
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[Assented to 24th March, 1994]
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| Short title
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1. This Act may be cited as the Borrowing
Authority Act, 1994-95.
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| Borrowing
authority
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2. (1) The Minister of Finance, with the
approval of the Governor in Council, may
raise money under the Financial
Administration Act by way of loan or by the
issue and sale of securities of Canada on and
after the later of April 1, 1994 and the day on
which this Act comes into force, in such
amount or amounts, not exceeding in the
whole thirty-four billion three hundred
million dollars, as may be required for public
works and general purposes.
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| Increase of
maximum
amount
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(2) If an amount is borrowed pursuant to
section 47 of the Financial Administration Act
during the period beginning on March 8, 1994
and ending on March 31, 1994, the maximum
amount of the borrowing authority conferred
by subsection (1) is increased by the lesser of
three billion dollars and the amount that is so
borrowed during that period.
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| Reduction of
maximum
amount
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(3) If this Act comes into force after
March 31, 1994, the maximum amount of the
borrowing authority conferred by
subsection (1) is reduced by any amount that
is borrowed pursuant to the Borrowing
Authority Act, 1993-94 during the period
beginning on April 1, 1994 and ending on the
day before the day on which this Act comes
into force.
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| Expiration
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3. The borrowing authority conferred by
section 2 expires on March 31, 1995 with
respect to any unused portion in excess of
three billion dollars in respect of which the
Governor in Council has taken no action
pursuant to section 44 of the Financial
Administration Act.
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| Effective date
for calculation
of charge
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4. The effective date of the borrowing
authority conferred by section 2 is deemed to
be April 1, 1994 for the purpose of calculating,
in accordance with section 45 of the Financial
Administration Act, the charge against the
amount of money that this Act authorizes to be
borrowed.
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| Expiration of
previous
authority
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5. Any unused borrowing authority
conferred by the Borrowing Authority Act,
1993-94 in respect of which the Governor in
Council has taken no action pursuant to
section 44 of the Financial Administration Act
expires on the later of March 31, 1994 and the
day on which this Act comes into force.
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