"Point in Time" Act Content

MUNICIPAL FINANCE AUTHORITY ACT
[RSBC 1996] CHAPTER 325

Section 1 definition "public institution" in paragraph (e.3) BEFORE amended by 2002-35-10 effective March 31, 2003 [on repeal of 1997-54-3&4 (BC Reg 152/03)].

(e.3) the Technical University of British Columbia established under the Technical University of British Columbia Act,

Section 1 definitions of "loan authorization bylaw" and "municipality" BEFORE repealed by 2003-52-453(a) effective January 1, 2004 (BC Reg 465/03, repealing BC Reg 428/03).

"loan authorization bylaw" means a loan authorization bylaw under the Local Government Act;

"municipality" means municipality as defined in the Local Government Act and includes the City of Vancouver, but does not include a regional hospital district or a school district;

Section 1 definitions of "population" and "regional district" BEFORE amended by 2003-52-453(b) effective January 1, 2004 (BC Reg 465/03, repealing BC Reg 428/03).

"population" means population as defined in the Local Government Act;

"regional district" means

(a) a regional district as defined in the Local Government Act, and

(b) except for the purposes of sections 2 and 7, the Greater Nanaimo Water District, the Greater Vancouver Water District, a regional hospital district under the Hospital District Act, other than the Greater Vancouver Regional Hospital District and the Greater Vancouver Sewerage and Drainage District, if a notice of intention has been given under section 25;

Section 11(1)(a) to (c) BEFORE amended by 2000-7-236 effective January 1, 2003 (BC Reg 338/02).

(a) borrowing in anticipation of the receipt of tax revenues under section 334.3 or 829 of the Local Government Act;

(b) financing of short term debts for purposes of a capital nature under section 334.4 or 830 of the Local Government Act;

(c) temporary financing of capital projects under section 335.2 or 834 of the Local Government Act;

Section 11(1)(a) to (c) BEFORE amended by 2003-52-454 effective January 1, 2004 (BC Reg 465/03, repealing BC Reg 428/03).

(a) borrowing in anticipation of the receipt of tax revenues under section 334.3 or 821 of the Local Government Act;

(b) financing of short term debts for purposes of a capital nature under section 334.4 or 822 of the Local Government Act;

(c) temporary financing of capital projects under section 335.2 or that section as it applies under section 819 of the Local Government Act;

Section 11.1(1)(a) BEFORE amended by 2000-7-237 effective January 1, 2003 (BC Reg 338/02).

(a) to a local government who is a party to an agreement under section 334.1 or 828 of the Local Government Act, or

Section 11.1(a) BEFORE amended by 2003-52-455 effective January 1, 2004 (BC Reg 465/03, repealing BC Reg 428/03).

(a) to a local government who is a party to an agreement under section 334.1 or 820 of the Local Government Act, or

Section 14(16) BEFORE amended by 2003-52-456 effective January 1, 2004 (BC Reg 465/03, repealing BC Reg 428/03).

(16) Section 491 of the Local Government Act applies to the authority.

Section 15(2) BEFORE amended by 2000-7-238 effective January 1, 2003 (BC Reg 338/02).

(2) Each regional district sharing in the proceeds of a security issue of the authority must pay over to the authority to repay the obligations to the authority under that security issue an amount equal to

(a) 1/2 the average annual installment of principal and interest in respect of its own borrowing under section 833 of the Municipal Act, and

(b) 1/2 the average annual installment of principal and interest as set out in the agreements entered into with, or securities issued to, the regional district by member municipalities with respect to financing under section 835 of the Municipal Act.

Section 15(2)(a) BEFORE amended by 2003-52-457(a) effective January 1, 2004 (BC Reg 465/03, repealing BC Reg 428/03).

(a) 1/2 the average annual installment of principal and interest in respect of its own borrowing under section 335.3 of the Local Government Act as that section applies under section 819 of that Act, and

Section 15(3)(b) and (c) BEFORE amended by 2003-52-457(b) effective January 1, 2004 (BC Reg 465/03, repealing BC Reg 428/03).

(b) each regional district must, without further requirement of bylaw or resolution, secure the balance of its liability to the debt reserve fund under this section by issuing to the authority a non-interest bearing demand note for the balance, bearing the signature of the chair and countersigned by the regional district officer assigned responsibility under section 199 of the Local Government Act, or by another officer the regional board may designate;

(c) a member municipality of the regional district must, without further requirement of bylaw or resolution, secure the balance of its liability to the regional district by issuing to the regional district a non-interest bearing demand note for the balance, bearing the signature of the mayor and the municipal officer assigned responsibility under section 199 of the Local Government Act, or by another officer the council may designate.

Section 16(3)(e) BEFORE amended by 2002-33-12 effective February 28, 2003 (BC Reg 34/03).

(e) any of the classes of investments permitted under section 15 of the Trustee Act;

Section 22 BEFORE repealed by 2003-52-458 effective January 1, 2004 (BC Reg 465/03, repealing BC Reg 428/03).

Notice by municipality

22 (1) Not later than July 2, 1970, the council of a municipality may notify the inspector of municipalities, in writing, that the municipality does not intend to finance its water, sewer and pollution control and abatement facilities through the authority.

(2) If notice is given under subsection (1), the municipality is not eligible to finance the works either through the authority or the regional district of which it is a member.

Section 23 BEFORE repealed by 2003-52-458 effective January 1, 2004 (BC Reg 465/03, repealing BC Reg 428/03).

Restriction on security issuing bylaw by municipality

23 (1) Despite the Local Government Act, and except if notice has been given by the council under section 22, the council of a municipality must not adopt a security issuing bylaw under that Act under a loan authorization bylaw adopted after April 3, 1970, unless the financing is to be undertaken through the authority.

(2) Subsection (1) applies to the City of Vancouver as well as to a municipality.

Section 25 BEFORE re-enacted by 2003-52-459 effective January 1, 2004 (BC Reg 465/03, repealing BC Reg 428/03).

Notice of intention

25 Despite section 22,

(a) the City of Vancouver,

(b) the Greater Nanaimo Water District,

(c) the Greater Vancouver Water District,

(d) the Greater Vancouver Sewerage and Drainage District, or

(e) a regional hospital district under the Hospital District Act, other than the Greater Vancouver Regional Hospital District

may give written notice to the authority and the inspector of municipalities that, on and after a date specified in the notice, it intends to finance its capital requirements through the authority, and after that sections 23 and 24 apply.

Section 26(1) and (5) BEFORE amended by 2003-52-460 effective January 1, 2004 (BC Reg 465/03, repealing BC Reg 428/03).

(1) If the authority is to finance on behalf of a regional district and its member municipalities, the security issuing bylaw of the regional district under the Local Government Act may provide that the chair and treasurer of the regional district, on behalf of the regional district, are to enter into an agreement with the authority providing for the payment by the regional district to the authority of the amounts required to meet the obligations of the authority with respect to its borrowing.

(5) Amendments to the agreements made under subsection (4) must immediately be forwarded to the regional districts and municipalities involved, and despite the Local Government Act or this Act, have the same effect as the amount originally set out in the agreements.

Section 28(1) and (3) BEFORE amended by 2003-52-461 effective January 1, 2004 (BC Reg 465/03, repealing BC Reg 428/03).

(1) Division 3 [Audit] of Part 9 of the Local Government Act applies to the authority.

(3) Sections 23 and 24 do not apply to borrowing under Part VIII of the National Housing Act (Canada).

Copyright (c) 2004: Queen’s Printer, Victoria, British Columbia, Canada