O.C. 123/2021

April 28, 2021


            The Lieutenant Governor in Council makes the Order in the attached Appendix.

For Information only

Recommended by:          President of Treasury Board and Minister of Finance

                                                Minister of Agriculture and Forestry

Authority:                             Financial Administration Act (sections 56, 58 and 81)

                                                                Agriculture Financial Services Act  (sections 19 and 20)


 

APPENDIX

The Lieutenant Governor in Council

1          authorizes Agriculture Financial Services Corporation (“AFSC”) to borrow money to achieve the purposes of the Agriculture Financial Services Act and orders that the maximum aggregate principal amount of borrowing or money raised by AFSC under this Order or any previous order that may be outstanding at any time shall not exceed the following amounts during the following periods:

(a)        $3 067 000 000, during the period beginning on the date of this Order and ending on March 31, 2022;

(b)        $3 334 000 000, during the period beginning on April 1, 2022 and ending on         March 31, 2023; and

(c)        $3 600 000 000, on and after April 1, 2023;

2          subject to sections 5, 6 and 7, authorizes the President of Treasury Board and Minister of Finance (the “Minister”) to make advances to and purchase securities of AFSC and orders that the maximum aggregate principal amount of advances made to and securities purchased of AFSC by the Minister under this Order and any previous order that may be outstanding at any time shall not exceed the following amounts during the following periods:

(a)        $3 067 000 000, during the period beginning on the date of this Order and ending on March 31, 2022;

(b)        $3 334 000 000, during the period beginning on April 1, 2022 and ending on         March 31, 2023;

(c)        $3 600 000 000, on and after April 1, 2023;

3          subject to sections 4, 5, 6 and 7, authorizes the Minister to raise money by the issue and sale from time to time of notes, bonds, debentures or interest-bearing or non-interest-bearing treasury bills issued by the Crown in right of Alberta or any other securities under which the Crown in right of Alberta is the debtor (collectively referred to hereafter as “Government securities”) for the purpose of making advances to or purchasing securities of AFSC as authorized by section 2;

4          orders that the maximum aggregate principal amount of Government securities that may be outstanding at any time under this Order and any previous order authorizing the issue and sale of Government securities for the purpose of making advances to or purchasing securities of AFSC shall not exceed the following amounts during the following periods:

(a)        $3 067 000 000, during the period beginning on the date of this Order and ending on March 31, 2022;

(b)        $3 334 000 000, during the period beginning on April 1, 2022 and ending on         March 31, 2023;

 

(c)        $3 600 000 000, on and after April 1, 2023;

5          orders that any amount in this Order shall be in Canadian dollars or an equivalent amount in other currencies;

6          orders that the term to maturity of any of the following shall not exceed 20 years:

(a)        advances made to or securities issued or borrowings by AFSC under this Order;

(b)        Government securities issued under this Order;

7          orders that any Government securities issued or advances made under this Order shall include such terms and conditions as are approved from time to time by the Minister;

8          rescinds Order in Council numbered O.C. 33/2020.