Bill S-5
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48-49 ELIZABETH II |
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CHAPTER 3 |
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An Act to amend the Blue Water Bridge
Authority Act
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[Assented to 10th May, 2001]
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| 1964-65, c. 6
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1. Subsection 7(3) of the Blue Water
Bridge Authority Act is replaced by the
following:
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| Section 21 of
Interpreta- tion Act
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(3) For greater certainty, it is hereby
declared that section 21 of the Interpretation
Act applies to the Bridge Authority.
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2. Section 13 of the Act and the heading
before it are replaced by the following:
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Borrowing Powers |
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| Borrowing
authorized
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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.
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| Approval by
Ministers
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(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.
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| Her Majesty
not liable
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(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.
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| Definition of
``borrowing''
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(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.
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3. Sections 14 to 16 of the Act are
repealed.
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