GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
First Nations Fiscal Management Act — F-11.67 75
Powers of board of directors 75 (1) For the purposes of this Part, the board of directors may by resolution (a) borrow money in an amount authorized by the resolution; (b) issue securities of the Authority; (c) lend securities to generate income, if the loan is fully secured; (d) enter into agreements for risk management purposes, including swaps; and (e) provide for (i) payments related to the issuance of securities, (ii) the registration, transfer, management and redemption of securities, (iii) the re-issuance, reinstatement or other disposition of lost, stolen, destroyed or damaged securities or interest coupons, (iv) the examination, cancellation or destruction of securities and of materials used in their production, or (v) the timing of the issuance of securities. Security issuance requirements (2) A resolution respecting the issuance of securities shall set out (a) the rate of interest; (b) the time and place of repayment of principal and interest; and (c) the currency in which repayment of principal and interest will be made. Security issuance resolutions (3) A resolution respecting the issuance of securities may provide that (a) the securities are to be redeemable in advance of maturity at a time and price set out in the resolution; (b) all or any part of the securities may be paid, refunded or renewed; (c) the securities are to be issued in an amount sufficient to realize the amount of any securities called in and paid before maturity, for a term not longer than the remainder of the term of the securities called in and paid; or (d) the securities and any interest coupons attached to them are to be in the form set out in the resolution, and are to be exchangeable for other securities of the same issue on any terms and conditions set out in the resolution. Amount of issue (4) The Authority may issue securities the principal amounts of which, after payment of any discount and the costs of issue and sale, will realize the net amount authorized by the board of directors in a resolution made under paragraph (1)(a). Declaration conclusive (5) A declaration in a resolution authorizing the issuance of securities that it is necessary to issue securities in the principal amount authorized in order to realize the net amount authorized is conclusive evidence of that fact. Sale price (6) The board of directors may sell securities at their par value or at other than par value. Delegation (7) The board of directors may delegate its powers under this section to a committee of directors and officers of the Authority, subject to any limitations that the board of directors may impose.
First Nations Fiscal Management Act — F-11.67 76
Application to become borrowing member 76 (1) A First Nation may apply to the Authority to become a borrowing member. Criteria (2) The Authority shall accept a First Nation as a borrowing member only if the First Nations Financial Management Board has issued to the First Nation a certificate in respect of their financial performance under subsection 50(3) and has not subsequently revoked it. 2005, c. 9, s. 76; 2015, c. 36, s. 194; 2018, c. 27, s. 414(E)
First Nations Fiscal Management Act — F-11.67 77
Ceasing to be borrowing member 77 A borrowing member that has obtained a loan from the Authority may cease to be a borrowing member only with the consent of all other borrowing members. 2005, c. 9, s. 77; 2015, c. 36, s. 195; 2018, c. 27, s. 414(E) 2023, c. 16, s. 36
First Nations Fiscal Management Act — F-11.67 78
Priority 78 (1) If a borrowing member is insolvent, the Authority has priority over all other creditors of the borrowing member for all moneys that are authorized or obligated to be paid to the Authority under a law made by the borrowing member, under this Act, including under the regulations, or under an agreement relating to borrowing from the Authority, but the priority is only in respect of any debt that arises on or after the day on which the borrowing member receives the initial disbursement of the first loan that it obtained from the Authority. Debts to the Crown (2) For greater certainty, subsection (1) does not apply to Her Majesty. 2005, c. 9, s. 78; 2015, c. 36, s. 196; 2018, c. 27, ss. 404(F), 414(E) 2023, c. 16, s. 37
First Nations Fiscal Management Act — F-11.67 79
Limitations — loans secured by property tax revenues 79 (1) The Authority shall not make a loan secured by property tax revenues to a borrowing member unless the First Nations Tax Commission has approved a law made by the borrowing member under paragraph 5(1)(d) in respect of that loan. Limitations — loans secured by other revenues (2) The Authority shall not make a loan secured by other revenues to a borrowing member unless (a) the borrowing member has made a law under paragraph 8.1(1)(a) in respect of that loan and forwarded a copy of it to the Authority; (b) the Authority is satisfied that the borrowing member has the ability to repay the loan; (c) the borrowing member has obtained a certificate respecting financial performance from the First Nations Financial Management Board under subsection 50(3) and forwarded a copy of it to the Authority; (d) the borrowing member and the Authority have established a secured revenues trust account that is (i) managed by a third party approved by the Authority, and (ii) subject to terms that require the third party managing the account to periodically pay to the Authority the amounts required to be paid to it under the borrowing agreement with the borrowing member, at the times set out in that agreement, before paying any remaining amount to the borrowing member; and (e) the borrowing member has required the payers of the other revenues being used to secure the loan to deposit those other revenues into the secured revenues trust account or an intermediate account during the period of the loan. 2005, c. 9, s. 79; 2015, c. 36, s. 197; 2018, c. 27, s. 405 2023, c. 16, s. 38
First Nations Fiscal Management Act — F-11.67 79.1
Maintenance of registry and publication 79.1 The Authority shall maintain a registry of every law made under paragraph 8.1(1)(a) that is forwarded to it under paragraph 79(2)(a) and shall publish a copy of each law on an Internet website to be maintained by the Authority within 30 days after the day on which it is received. 2023, c. 16, s. 38
First Nations Fiscal Management Act — F-11.67 80
Restriction 80 A borrowing member that has obtained a loan from the Authority that is secured by property tax revenues and has a term of one year or longer shall not subsequently obtain such a loan from any other person as long as the loan from the Authority remains unpaid. 2005, c. 9, s. 80; 2015, c. 36, s. 197 2023, c. 16, s. 39
First Nations Fiscal Management Act — F-11.67 81
Limitations — short-term loans 81 The Authority shall not make a loan that has a term of less than one year to a borrowing member for a purpose described in subparagraph 74(a)(ii) unless the loan is made in anticipation of local revenues set out in a law made by the borrowing member under paragraph 5(1)(b). 2005, c. 9, s. 81 2023, c. 16, s. 39
First Nations Fiscal Management Act — F-11.67 82
Sinking fund 82 (1) The Authority shall establish a sinking fund, or any other system of repayment prescribed by regulation, to fulfil its repayment obligations to the holders of each security issued by the Authority. Separate accounts (2) Where a sinking fund is established, a separate sinking fund account shall be kept for each borrowing member participating in a security issued by the Authority. Sinking fund investments (3) Funds in a sinking fund may be invested only in (a) securities issued or guaranteed by Canada or a province; (b) securities of a local, municipal or region­al government in Canada; (b.1) securities of the Authority or of a municipal finance authority established by a province, if the day on which they mature is not later than the day on which the security for which the sinking fund is established matures; (c) investments guaranteed by a bank, trust company or credit union; or (d) deposits in a bank or trust company in Canada or non-equity or membership shares in a credit union. 2005, c. 9, s. 82; 2015, c. 36, s. 198
First Nations Fiscal Management Act — F-11.67 83
Surpluses 83 (1) The Authority may declare a surplus in a sinking fund and use the surplus, in order of priority, to (a) replenish any amounts paid out of the debt reserve fund; and (b) make a distribution to borrowing members who are participating in that fund. Recovery from sinking fund (2) The Authority may recover fees payable by a borrowing member from any surplus to be distributed to that member under paragraph (1)(b).
First Nations Fiscal Management Act — F-11.67 84
Debt reserve fund 84 (1) The Authority shall establish a debt reserve fund to make payments or sinking fund contributions for which insufficient moneys are available from borrowing members. Provisioning of fund (2) The Authority shall withhold — and deposit in the debt reserve fund — 5% of the amount of any loan. Percentage withheld may be reduced by board (2.1) However, the board of directors may, by resolution, reduce the percentage to be withheld from a loan under subsection (2) to a percentage that is not less than 1%, if the board of directors is satisfied that doing so would not have a negative impact on the Authority’s credit rating. Separate account (3) A separate account shall be kept for each security issued and for each borrowing member contributing to the debt reserve fund. Investments (4) The funds of the debt reserve fund may be invested only in securities, investments or deposits referred to in paragraph 82(3)(a), (c) or (d) that mature or are callable within five years, 25% of which must be callable within 90 days. Liability for shortfall (5) The following rules apply if payments from the debt reserve fund reduce its balance: (a) if the balance is reduced by less than 50% of an amount determined in any manner prescribed by regulation, the Authority may, in accordance with the regulations, require borrowing members with unpaid loans to pay without delay amounts sufficient to replenish the debt reserve fund; and (b) if the balance is reduced by 50% or more of an amount determined in any manner prescribed by regulation, the Authority shall, in accordance with the regulations, require borrowing members with unpaid loans to pay without delay amounts sufficient to replenish the debt reserve fund. Repayment (6) Money contributed by a borrowing member to the debt reserve fund, and any investment income received on it, that has not already been repaid to the borrowing member by the Authority shall be repaid when all obligations in respect of the security for which the money was contributed have been satisfied. 2005, c. 9, s. 84; 2015, c. 36, s. 199; 2018, c. 27, s. 406 2023, c. 16, s. 40
First Nations Fiscal Management Act — F-11.67 85
Credit enhancement fund 85 (1) The Authority shall establish a fund for the enhancement of the Authority’s credit rating. Investments (2) The funds of the credit enhancement fund may be invested only in securities, investments or deposits referred to in paragraph 82 (3)(a), (c) or (d) that mature or are callable within five years, 25% of which must be callable within 90 days. Investment income (3) Investment income from the credit enhancement fund may be used (a) to temporarily offset any shortfalls in the debt reserve fund; (b) to defray the Authority’s costs of operation; and (c) for any other purpose prescribed by regulation. Capital (4) The capital of the credit enhancement fund may be used (a) to temporarily offset any shortfalls in the debt reserve fund; and (b) for any other purpose prescribed by regulation. Repayment to credit enhancement fund (5) Any funds that are paid from the credit enhancement fund to offset a shortfall in the debt reserve fund shall be repaid by that debt reserve fund within 18 months after the day on which the funds are paid or, if more than one payment of funds is made, within 18 months after the day on which the first payment is made. After the expiry of that 18-month period, no further funds shall be paid from the credit enhancement fund to that debt reserve fund unless it has been fully replenished under section 84. 2005, c. 9, s. 85; 2015, c. 36, s. 200
First Nations Fiscal Management Act — F-11.67 86
Default by first nation 86 (1) If a borrowing member fails to make a payment to the Authority, to fulfil any other obligation under a borrowing agreement with the Authority or to pay a charge imposed by the Authority under this Part, the Authority shall (a) notify the borrowing member of the failure; and (b) send a notice of the failure to the First Nations Financial Management Board and the First Nations Tax Commission, together with evidence of the failure and a copy of any relevant documents and records. Requirement for report (2) If a failure referred to in subsection (1) relates to an obligation other than payment, the Authority may require that the First Nations Financial Management Board review and report on the reasons for the failure. Report (3) On receipt of a notice referred to in paragraph (1)(b) in respect of a failure related to an obligation other than payment, the First Nations Financial Management Board shall advise the Authority in writing of its opinion on the reasons for the failure and recommend any intervention under section 52 or 53, in the case of an obligation relating to a loan secured by local revenues, or under section 52.1 or 53.1, in the case of an obligation relating to a loan secured by other revenues, that it considers appropriate. The Board must provide a copy of the report including its opinion and any recommendations to the First Nations Tax Commission. Required intervention (4) 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 local revenues or assume third-party management of its local revenues (a) if, with respect 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. 2005, c. 9, s. 86; 2018, c. 27, s. 414(E) 2023, c. 16, s. 41
First Nations Fiscal Management Act — F-11.67 87
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.
First Nations Fiscal Management Act — F-11.67 88
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.
First Nations Fiscal Management Act — F-11.67 88.1
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), 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. 2021, c. 23, s. 192
First Nations Fiscal Management Act — F-11.67 89
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 (b) [Repealed, 2023, c. 16, s. 42] (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. (d) [Repealed, 2018, c. 27, s. 407] 2005, c. 9, s. 89; 2015, c. 36, s. 201; 2018, c. 27, s. 407 2023, c. 16, s. 42
First Nations Fiscal Management Act — F-11.67 90
Council resolution 90 (1) The council of a First Nation may submit to the Minister a resolution of the council requesting the payment to the First Nation of (a) moneys held by Her Majesty for the use and benefit of the First Nation; and (b) moneys to be collected or received in future by Her Majesty for the use and benefit of the First Nation. Information to accompany resolution (2) The resolution shall be accompanied by proof that (a) the council has made a law respecting the financial administration of the First Nation under paragraph 9(1)(a) and the law has been approved by the First Nations Financial Management Board; (b) the council has obtained independent legal advice and independent financial advice with respect to the risks of the payment of the moneys to the First Nation; and (c) the payment of the moneys to the First Nation has been approved under section 91. 2005, c. 9, s. 90; 2012, c. 19, s. 660; 2018, c. 27, s. 408
First Nations Fiscal Management Act — F-11.67 91
Approval by members 91 (1) If the council of a First Nation intends to request the payment of moneys under subsection 90(1), the council shall conduct a vote among the First Nation’s eligible voters on the approval of the payment of the moneys. Eligible voters (2) Every First Nation member, whether resident on a reserve of the First Nation or not, is an eligible voter if the member is at least 18 years old on the date of the vote. Independent legal and financial advice (3) Before conducting the vote under subsection (1), the council shall obtain independent legal advice and independent financial advice with respect to the risks of the payment of the moneys to the First Nation. Information to be provided (4) Before conducting the vote under subsection (1), the council shall also take reasonable measures that are in accordance with the First Nation’s practices to inform eligible voters of (a) their right to vote and the means of exercising that right; (b) the fact that council has obtained the legal and financial advice referred to in subsection (3); (c) the implications of the payment of the moneys and the reasons why the payment is for the benefit of the First Nation; and (d) the fact that the council has made a law respecting the financial administration of the First Nation under paragraph 9(1)(a). Majority approval (5) The payment of the moneys to the First Nation is approved if a majority of eligible voters who participated voted to approve the payment. Minimum participation (6) Despite subsection (5), the payment is not approved unless at least 25% of all eligible voters participated in the vote. Increased percentage (7) The council may, by resolution adopted before the vote, increase the percentage of eligible voters required under subsection (6). 2005, c. 9, s. 91; 2012, c. 19, s. 660; 2018, c. 27, s. 408
First Nations Fiscal Management Act — F-11.67 92
Initial payment of moneys 92 (1) After the resolution is submitted to the Minister by the council of the First Nation under subsection 90(1), the moneys held by Her Majesty for the First Nation’s use and benefit shall be paid to the First Nation out of the Consolidated Revenue Fund, if the Minister is satisfied that (a) the council has made a law respecting the financial administration of the First Nation under paragraph 9(1)(a) and the law has been approved by the First Nations Financial Management Board; (b) the council has obtained independent legal advice and independent financial advice with respect to the risks of the payment of the moneys to the First Nation; and (c) the payment of the moneys to the First Nation has been approved under section 91. Subsequent payment (2) Following a payment of moneys under subsection (1), all moneys subsequently collected or received by Her Majesty for the use and benefit of the First Nation shall be paid out of the Consolidated Revenue Fund to the First Nation. Subsection (2) ceases to apply (3) Subsection (2) shall cease to apply if the law referred to in paragraph (1)(a) is repealed, and at the time of its repeal, it is not concurrently replaced by a law respecting the financial administration of the First Nation made under paragraph 9(1)(a) that has been approved by the First Nations Financial Management Board. 2005, c. 9, s. 92; 2012, c. 19, s. 660; 2018, c. 27, s. 408
First Nations Fiscal Management Act — F-11.67 93
Liability for future management 93 Following the payment of moneys under section 92, Her Majesty is not liable for the management of those moneys. 2005, c. 9, s. 93; 2012, c. 19, s. 660; 2018, c. 27, s. 408
First Nations Fiscal Management Act — F-11.67 94
Past liability 94 This Act does not affect the liability of Her Majesty or a First Nation for any act or omission in respect of moneys occurring before a payment referred to in section 93. 2005, c. 9, s. 94; 2010, c. 12, s. 1735; 2012, c. 19, s. 660; 2018, c. 27, s. 408
First Nations Fiscal Management Act — F-11.67 95
Indian Act 95 Sections 61 to 69 of the Indian Act do not apply in respect of moneys paid to a First Nation under section 92 of this Act. 2005, c. 9, s. 95; 2012, c. 19, s. 660; 2018, c. 27, s. 408
First Nations Fiscal Management Act — F-11.67 96
Definition of service 96 In this Part, service means a service provided on reserve lands by or on behalf of a First Nation, including in relation to the provision of water, wastewater management, drainage, waste management, animal control, recreation, transportation, telecommunications and energy. 2005, c. 9, s. 96 2010, c. 12, s. 1736 2012, c. 19, s. 660 2023, c. 16, s. 43