Act BEFORE repealed by 2002-7-17, effective March 28, 2002 (Royal Assent).
Natural Resource Community Fund Act
[RSBC 1996] CHAPTER 331
| Contents | ||
|---|---|---|
| Section | ||
| 1 | Definition | |
| 2 | Special fund continued | |
| 3 | Purpose | |
| 4 | Funding | |
| 5 | Expenditure | |
| 6 | Annual transfers to general fund | |
| 7 | Power to make regulations | |
Definition
1 In this Act, "special fund" means the Natural Resource Community Fund continued under section 2.
Special fund continued
2 The Natural Resource Community Fund is continued as a special fund under the Financial Administration Act.
Purpose
3 The purpose of the special fund is to assist communities that are in a large part dependent on a single resource industry to adjust to severe economic dislocation arising or that may arise as a result of
(a) closures or anticipated closures of businesses in that industry, or
(b) reductions or anticipated reductions in the work force in that industry.
Funding
4 The special fund consists of
(a) $15 million allocated from the opening balance of the British Columbia Endowment Fund,
(b) an amount, for each quarter of the fiscal year, that the Minister of Finance and Corporate Relations considers to be equal to 0.5% of all of the revenue, other than for fines, that has been received by the government during that quarter under all of the following Acts: Coal Act; Forest Act; Geothermal Resources Act; Logging Tax Act; Mineral Tax Act; Mineral Land Tax Act; Mineral Tenure Act; Mines Act; Mining Tax Act; Petroleum and Natural Gas Act; Range Act, and
(c) earnings of the special fund.
Expenditure
5 Subject to the approval of Treasury Board, and on the recommendation of the Minister of Employment and Investment, money may be paid out of the special fund
(a) for costs of training and retraining persons affected by severe economic dislocation of the type described in section 3 in improving or developing skills and knowledge to assist them in adjusting to labour market requirements,
(b) for job creation and job maintenance initiatives in support of local and community economies,
(c) for worker relocation programs, and
(d) for the costs of other initiatives consistent with the purpose set out in section 3.