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ALBERTA CAPITAL FINANCE AUTHORITY ACT

ALBERTA CAPITAL FINANCE
AUTHORITY ACT

Chapter A‑14.5

Table of Contents

                1       Interpretation

The Corporation and Its Governance

                2       Corporation

             2.1       Powers

                3       Offices

                4       Capital stock

              10       Director

              17       Officers


           19.1       Resolutions

Business, Financing and Operation of the Corporation

              21       Business of Corporation

              26       Guarantee by Government

              27       Limit of borrowings

              29       Audit

              30       Auditors report

              32       Borrowing by local authorities

              34       Investments

Miscellaneous

              35       Regulations

              37       Corporation a Crown agent

           37.1       Corporation a Provincial corporation

              38       Securities Act

              39       Regulations Act

           39.1       Previous names and bylaws

              40       Companies Act

HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows:

Interpretation

1(1)  In this Act,

                                 (a)    repealed 2019 c15 s3;

                                 (b)    “Corporation” means the Alberta Capital Finance Authority;

                                 (c)    “director” means the director appointed under section 10;

                                 (d)    “educational authority” means

                                           (i)    the board of trustees of a school division under the Education Act;

                                          (ii)    the board of governors of a comprehensive community college under the Post‑secondary Learning Act;

                                         (iii)    the board of governors of a polytechnic institution under the Post‑secondary Learning Act;

                                         (iv)    the board of governors of a university under the Post‑secondary Learning Act;

                                     (iv.1)    the Board of Governors of The Banff Centre under the Post‑secondary Learning Act;

                                          (v)    The Board of the Northland School Division No. 61 under the Northland School Division Act;

                                 (e)    “health authority” means

                                           (i)    a non‑profit corporation, other than a regional health authority, that owns an approved hospital under the Hospitals Act;

                                          (ii)    a non‑profit corporation, other than a regional health authority, that owns a mental health hospital under the Hospitals Act;

                                         (iii)    a regional health authority under the Regional Health Authorities Act;

                                         (iv)    a provincial health board that is a corporation under the Regional Health Authorities Act;

                                 (f)    “improvement district” means, with respect to borrowing from the Corporation, the Government of Alberta as represented by the Minister responsible for improvement districts;

                                 (g)    “local authority” means a city, an educational authority, a health authority, a municipal authority, a regional authority or a town;

                                 (h)    “Minister” means the Minister determined under section 16 of the Government Organization Act as the Minister responsible for this Act;

                                  (i)    “municipal authority” means

                                           (i)    an improvement district;

                                          (ii)    a Metis settlement;

                                         (iii)    a municipal district;

                                         (iv)    a special area;

                                          (v)    a specialized municipality;

                                  (j)    “regional authority” means

                                           (i)    the board of trustees of a drainage district under the Drainage Districts Act;

                                          (ii)    an irrigation district under the Irrigation Districts Act;

                                         (iii)    a regional airports authority created under the Regional Airports Authority Act;

                                         (iv)    a regional services commission established under the Municipal Government Act;

                                          (v)    a growth management board established under the Municipal Government Act;

                                 (k)    “resolution” means a resolution of the director;

                                  (l)    “securities” includes bonds, debentures, guaranteed investment certificates or receipts, certificates of deposit, deposit receipts, bills, notes and mortgages of real or personal property;

                               (m)    “special area” means, with respect to borrowing from the Corporation, the Government of Alberta as represented by the Minister responsible for special areas.

(2)  A reference in this Act

                                 (a)    to a city, municipal district, specialized municipality, improvement district or special area is a reference to a city, municipal district, specialized municipality, improvement district or special area under the Municipal Government Act, and

                                 (b)    to a town is a reference to a town, village or summer village under the Municipal Government Act and includes a reference to a town under the Parks Towns Act.

(3)  Repealed 2019 c15 s3.

RSA 2000 cA‑27 s1;2001 c17 s2;2003 cP‑19.5 s131;
2003 c12 s3;2004 c30 s1;2008 c25 s20;2008 c43 s1;
2012 cE‑0.3 s261;2013 c17 s7;2018 c19 s62;2019 c15 s3

The Corporation and
Its Governance

Corporation

2   The corporation incorporated under the name “Alberta Municipal Financing Corporation” is continued under the name “Alberta Capital Finance Authority”.

RSA 2000 cA‑27 s2;2003 c12 s4

Powers

2.1(1)  The Corporation has the capacity and, subject to subsection (2), the rights, powers and privileges, of a natural person.

(2)  With respect to any right, power or privilege exercisable by the Corporation, the Lieutenant Governor in Council may

                                 (a)    prohibit the use of the right, power or privilege;

                                 (b)    restrict the use of the right, power or privilege;

                                 (c)    provide that the right, power or privilege be exercised subject to any terms or conditions prescribed in the regulations.

(3)  Notwithstanding subsection (1) but subject to the regulations, the Corporation is not to engage in or carry on any activity that does not pertain to the business of the Corporation.

2003 c12 s4

Offices

3(1)  The head office of the Corporation shall be at the City of Edmonton in Alberta.

(2)  The Corporation may establish other offices and agencies elsewhere in Alberta as it considers expedient.

RSA 2000 cA‑27 s3;2003 c12 s25

Capital stock

4   The share capital of the Corporation consists of one share owned by the Crown.

RSA 2000 cA‑27 s4;2001 c17 s3;2003 c12 s6;2019 c15 s3

5   Repealed 2003 c12 s7.

6 to 9   Repealed 2019 c15 s3.

Director

10(1)  The Lieutenant Governor in Council shall appoint an individual as the director of the Corporation to administer the business of the Corporation.

(2)  The Corporation shall indemnify the director against all costs, charges and expenses, including any amount paid to settle an action or satisfy a judgment, reasonably incurred by the director with respect to a civil, criminal or administrative action or proceeding to which the director is made a party because of the director’s position if

                                 (a)    the director acted honestly, in good faith and with a view to the best interests of the Corporation, and

                                 (b)    in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, the director had reasonable grounds for believing that the conduct was lawful.

RSA 2000 cA‑27 s10;2003 c12 s11;2019 c15 s3

11   Repealed 2019 c15 s3.

12 and 13   Repealed 2003 c12 s11.

14 to 16   Repealed 2019 c15 s3.

Officers

17(1)  Repealed 2019 c15 s3.

(2)  The director may appoint a president of the Corporation and any other officers of the Corporation that the director considers necessary to carry out the business of the Corporation.

(3)  Repealed 2019 c15 s3.

(4)  The director may delegate in writing any power or duty conferred on it, except the power to make resolutions, to a committee appointed by it, or to an officer or an employee of the Corporation or to an employee of the Government of Alberta.

RSA 2000 cA‑27 s17;2003 c12 s12;2019 c15 s3

18 to 19  Repealed 2019 c15 s3.

Resolutions

19.1(1)  The director may make resolutions relating to any matter or thing that pertains to the operation or business of the Corporation.

(2)  A resolution made by the director may be general or specific in its application.

2003 c12 s14;2019 c15 s3

20   Repealed 2019 c15 s3.

Business, Financing and Operation
of the Corporation

Business of Corporation

21   The business of the Corporation is

                                 (a)    to provide local authorities with financing for capital projects;

                                 (b)    to act as financial agent or otherwise for a local authority in negotiating loans or refinancing securities of the local authority or in any other capacity authorized by the regulations;

                                 (c)    to manage its liabilities and its financial and business affairs in such a manner so as to enhance the Corporation’s ability to effectively carry out its activities in an economical and efficient manner;

                                 (d)    to provide, in addition to any financial service referred to in clauses (a) and (b), any other financial services prescribed or otherwise authorized by the Lieutenant Governor in Council.

RSA 2000 cA‑27 s21;2003 c12 s15;2019 c15 s3

22 to 25   Repealed 2003 c12 s15.

Guarantee by Government

26   The principal and interest of any borrowings by or securities issued by the Corporation are hereby guaranteed by the Government of Alberta.

RSA 2000 cA‑27 s26;2003 c12 s16

Limit of borrowings

27(1)  The Corporation shall not borrow any money or issue or sell securities when, at the time the money is borrowed or the securities are issued or sold, the borrowing or issue and sale would cause the aggregate principal sum of all outstanding loans and securities to exceed the amount determined under the regulations.

(2)  Nothing in this section prevents the Corporation from borrowing or raising money by way of loan for the purpose of paying, refunding or renewing from time to time in whole or in part any loans or any securities of the Corporation from time to time outstanding.

(3)  For the purpose of calculating the aggregate sum referred to in subsection (1), the principal amount of outstanding securities and loans payable in the currency of any country other than Canada is deemed to be the equivalent principal amount in dollars in lawful money of Canada calculated in each case in accordance with the nominal rate of exchange between the Canadian dollar and the currency of the country concerned on the business day immediately preceding the day on which the Corporation authorized the issue of those outstanding securities or the raising of those outstanding loans, as the case may be, as that nominal rate is determined by any bank in Canada.

RSA 2000 cA‑27 s27;2003 c12 s17;2008 c28 s2

28   Repealed 2003 c12 s18.

Audit

29   The Auditor General is the auditor of the Corporation.

RSA 2000 cA‑27 s29;2003 c12 s25

Auditors report

30   The Corporation shall annually, after the end of its fiscal year, submit audited financial statements and an annual report to the Minister who shall lay a copy of them before the Legislative Assembly if it is then sitting or, if it is not then sitting, within 15 days after the commencement of the next sitting.

RSA 2000 cA‑27 s30;2003 c12 s19

31   Repealed 2003 c12 s20.

Borrowing by local authorities

32(1)  A local authority may borrow money from the Corporation in any form or manner and on any terms that are acceptable to the Corporation.

(2)  Nothing in this section is to be construed to relieve a local authority from compliance with any statutory requirement relating to any borrowing by the local authority.

(3)  Notwithstanding subsection (2), no security provided by a local authority to the Corporation is invalid by reason only that the local authority fails to comply with any statutory or other requirements relating to the security.

RSA 2000 cA‑27 s32;2003 c12 s20

33   Repealed 2003 c12 s20.

Investments

34(1)  Subject to the regulations, when investing funds, other than funds that are currently required for making loans to shareholders of the Corporation, the Corporation must adhere to investment and lending policies, standards and procedures that a reasonable and prudent person would apply in respect of a portfolio of investments to avoid undue risk of loss and to obtain a reasonable return.

(2)  The Lieutenant Governor in Council may impose terms or conditions or otherwise impose restrictions on the power of the Corporation to make investments.

RSA 2000 cA‑27 s34;2003 c12 s21

Miscellaneous

Regulations

35  The Lieutenant Governor in Council may make regulations,

                                 (a)    without limiting the generality of clause (b), for the purposes of sections 2.1(2) and (3), 21, 27(1) and 34;

                                 (b)    with respect to any matter concerning this Act or the operation of the Corporation and its business.

RSA 2000 cA‑27 s35;2003 c12 s21;2008 c28 s3;2019 c15 s3

36   Repealed 2003 c12 s21.

Corporation a Crown agent

37   The Corporation is an agent of the Crown in right of Alberta and its powers under this Act may be exercised only as an agent of the Crown.

RSA 2000 cA‑27 s37;2003 c12 s25

Corporation a Provincial corporation

37.1   The Corporation is a Provincial corporation under the Financial Administration Act.

2003 c12 s22;2019 c15 s3

Securities Act

38   The Securities Act does not apply with respect to any securities or transactions of the Corporation.

RSA 2000 cA‑27 s38;2003 c12 s25

Regulations Act

39   The Regulations Act does not apply to any order, regulation, rule, bylaw or resolution previously or subsequently made, approved or passed under the authority of this Act.

RSA 1980 cA‑33 s42

Previous names and bylaws

39.1(1)  Any reference to the Alberta Municipal Financing Corporation in

                                 (a)    any contract or other agreement,

                                 (b)    any commercial, financial or other document,

                                 (c)    any document registered in a registry operated or maintained by Alberta Registries or any other registry, document recording system, information recording system, information bank, data bank or similar system that is operated by the Government,

                                 (d)    any document filed with or issued by a court or otherwise used in any legal proceeding, or

                                 (e)    any enactment,

is deemed to be a reference to the Alberta Capital Finance Authority.

(2)  Any reference to the Alberta Municipal Financing Corporation Act is deemed to be a reference to the Alberta Capital Finance Authority Act.

(3)  Any bylaw made by the Board is deemed to be a resolution of the Board and may be amended or rescinded by a resolution of the Board.

2003 c12 s23

Companies Act

40   The Corporation is exempt from the requirements of sections 6, 86, 87, 93, 118 to 121, 133, 162 and 304 of the Companies Act.

RSA 2000 cA‑27 s40;2003 c12 s24