Order in Council

The Manitoba Hydro-Electric Board Order of the Lieutenant Governor in Council Authorizing Increase in Short-Term Borrowing Limits

Image of the Province of Manitoba Shield

Order in Council No. 815

On Matters of State

To The Honourable the Lieutenant Governor in Council

The undersigned, the Minister of Finance, submits for approval of Council a report setting forth that:

WHEREAS “The Manitoba Hydro Act” provides in part as follows:

“30(1) With the approval of the Lieutenant Governor in Council, the corporation may, from time to time, borrow or raise money for temporary purposes by way of overdraft, line of credit, or loan ,or otherwise upon the credit of the corporation in such amounts, not exceeding in the aggregate the sum of $500,000,000.00 of principal outstanding at any one time, upon such terms, for such periods, and upon such other conditions, as the corporation may determine.

30(2) The government may, on such terms as may be approved by the Lieutenant Governor in Council, guarantee the payment of the principal and interest on any borrowings of the corporation under this section.

30(3) Where the corporation borrows or raises money under this section, otherwise than

  1. by way of overdraft with a bank; or
  2. by sale of its short term notes to a bank in lieu of borrowing by overdraft;

it shall do so only with the prior approval of the Minister of Finance, who, at the request of the corporation, may act as its agent in that behalf;”

AND WHEREAS The Manitoba Hydro-Electric Board (herein referred to as the “corporation”) by resolution dated August 20, 1992, a certified copy of which is annexed hereto as Schedule “A”; deems it necessary to borrow or raise money from time to time for its temporary purposes in amounts not exceeding in the aggregate the sum of $500,000,000 of principal outstanding at any one time and requests approval of the Lieutenant Governor in Council of such temporary borrowing authority;

AND WHEREAS the corporation by the aforementioned resolution dated August 20, 1992, has also requested the Government of Manitoba to unconditionally guarantee the due and punctual payment of the principal and interest on Promissory Notes to be issued by the corporation pursuant to the Legislative authority hereinbefore set out;

AND WHEREAS it is presently deemed advisable to authorize the Minister of Finance on behalf of the government to guarantee the due and punctual payment of the principal and interest on the Promissory Notes issued by the corporation pursuant to the Legislative authority hereinbefore set out;

THEREFORE he, the Minister, recommends:

  1. THAT approval be given to the borrowing or raising of money by the corporation from time to time, for its temporary purposes by way of overdraft, line of credit, or loan or otherwise, upon the credit of the corporation in such amounts, not exceeding in the aggregate the sum of $500,000,000 of principal outstanding at any one time, upon such terms, for such periods and upon such other conditions, as the corporation may determine.
  2. THAT the Minister of Finance, on behalf of the government, be authorized to guarantee the due and punctual payment of the principal and interest on Promissory Notes to be issued by the corporation from time to time, for its temporary purposes not exceeding in the aggregate the sum of $500,000,000 of principal outstanding at any one time.
  3. THAT the guarantee herein authorized be endorsed on the aforesaid Promissory Notes in the following form and manner:
    Guaranteed by the Government of Manitoba
    By virtue of the powers conferred by the Legislature of the Province of Manitoba and of an Order of the Lieutenant Governor in Council, the Government of Manitoba hereby unconditionally guarantees to the holder of this Note due payment of the principal of this Note and of the interest thereon according to the tenor of the said Note.
    Minister of Finance
    and be signed as to any or all of the said Promissory Notes by the Minister of Finance holding office at the date hereof or on any date thereafter, and that the signature of the Minister of Finance may be engraved, lithographed, printed or otherwise mechanically reproduced and when mechanically reproduced as aforesaid shall be conclusively deemed, for all purposes, the signature of the Minister of Finance and shall be binding upon the Government of Manitoba notwithstanding that the person whose signature is so reproduced may not have held office at the date of the said Promissory Notes or at the date of delivery thereof and notwithstanding that the person who holds such office at the time such signature is affixed is not the person who holds that office at the date of the said Promissory Notes or at the date of the delivery thereof, and that such form and manner of guarantee be approved.

Signature

Signature of Clayton Mannes, Minister of Finance

In the Executive Council Chamber, Winnipeg

Upon consideration of the foregoing report and recommendation Council advises that it be done as recommended.

September 16, 1992

Signature of Gary Filmon, Premier of Manitoba

At Government House in the City of Winnipeg

Approved and Ordered this 16th day of September A.D. 1992

Signature of George Johnson, Lieutenant Governor