Bill C-530: An Act to amend the Northwest Territories Act (borrowing limits)

C-530 Third Session, Fortieth Parliament, 59 Elizabeth II, 2010 HOUSE OF COMMONS OF CANADA BILL C-530 An Act to amend the Northwest Territories Act (borrowing limits) first reading, June 10, 2010 Mr. Bevington 403121 SUMMARY This enactment amends the Northwest Territories Act to allow the Commissioner to borrow money up to a certain limit without the approval of the Governor in Council. Also available on the Parliament of Canada Web Site at the following address:http://www.parl.gc.ca .vis1 {position: absolute;display:block;} .vis2 {position: static;} 3rd Session, 40th Parliament, 59 Elizabeth II, 2010 house of commons of canada BILL C-530 An Act to amend the Northwest Territories Act (borrowing limits) R.S., c. N-27 Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: 1. Section 2 of the Northwest Territories Act is amended by adding the following in alphabetical order: “estimated revenues”« recettes estimatives » “estimated revenues” means, in respect of any fiscal year, the aggregate estimated revenues of the Territories for that year, including revenues derived from municipalities, boards, commissions and other local authorities, as well as revenues from other governments; 2. Subsection 20(2) of the Act is replaced by the following: Restriction (2) If the total amount of money that is borrowed at any time under ordinances made under paragraph (1)(a) exceeds 70% of the estimated revenues, the Governor in Council must approve the borrowing of the money exceeding that percentage. Published under authority of the Speaker of the House of CommonsAvailable from:Publishing and Depository ServicesPublic Works and Government Services Canada