First Nations Fiscal Management Act Adaptation Regulations — 5
pect to a loan secured by local revenues, the borrowing member fails to make a payment to the Authority under a borrowing agreement with the Authority, or to pay a charge imposed by the Authority under this Part; or (b) if, with respect to a loan secured by local revenues, the Authority receives a report of the Board under subsection (3) in respect of the borrowing member. Required intervention (5) The Authority may, by notice in writing, require the First Nations Financial Management Board to either — at the Board’s discretion — impose a co-management arrangement on a borrowing member in respect of its other revenues or assume third-party management of its other revenues (a) if, with respect to a loan secured by other revenues, the borrowing member fails to make a payment to the Authority under a borrowing agreement with the Authority, or to pay a charge imposed by the Authority under this Part; or (b) if, with respect to a loan secured by other revenues, the Authority receives a report of the Board under subsection (3) in respect of the borrowing member. Copy to Commission (6) The Authority must provide a copy of the notices referred to in subsections (4) and (5) to the First Nations Tax Commission. Short-term pooled investment funds 87 (1) The Authority may establish short-term pooled investment funds. Investments (2) Funds in a short-term pooled investment fund may be invested only in (a) securities issued or guaranteed by Canada, a province or the United States; (b) fixed-term deposits, notes, certificates or other short-term paper of, or guaranteed by, a bank, trust company or credit union, including swaps in United States currency; (c) securities issued by the Authority or by a local, municipal or regional government in Canada; (d) commercial paper issued by a Canadian company that is rated in the highest category by at least two recognized security-rating institutions; (e) any class of investments permitted under an Act of a province relating to trustees; or (f) any other investments or class of investments prescribed by regulation. General Annual report 88 (1) The Chairperson shall, within four months after the end of each fiscal year, submit to the Authority’s members and the Minister a report of the operations of the Authority for that fiscal year. Contents (2) The annual report shall include the financial statements of the Authority and its auditor’s opinion on them. Assignment — revenues payable by Her Majesty 88.1 (1) Despite section 67 of the Financial Administration Act and anything else in federal or provincial law, a borrowing member may, for the purposes of paragraph 74(b) or (b.1), assign the rights to any of the other revenues referred to in that paragraph that are payable to the borrowing member by Her Majesty in right of Canada. Assignment not binding (2) An assignment referred to in subsection (1) is not binding on Her Majesty in right of Canada and, without limiting the generality of the foregoing, (a) a minister of, or other person acting on behalf of, Her Majesty in right of Canada is not required to pay to the assignee the assigned revenues; (b) the assignment does not create any liability of Her Majesty in right of Canada to the assignee; and (c) the rights of the assignee are subject to all rights of set-off or compensation in favour of Her Majesty in right of Canada. Regulations Regulations 89 The Governor in Council may, on the recommendation of the Minister after consultation by the Minister with the Authority, make regulations (a) prescribing anything that is to be prescribed under subsection 82(1) and paragraphs 84(5)(a) and (b), 85(3)(c) and (4)(b) and 87(2)(f); and (c) respecting the imposition of charges under subsection 84(5), including the manner of calculating those charges and the share of those charges to be paid by each borrowing member. PART 5 Payment of Moneys Council resolution 90 (1) The council of a First Nation may submit to the Minister a resolution of the council requesting t