Acts and Regulations

2013, c.7 - Electricity Act

Section 47.1
Disposition versions

Full text
Raising of funds by the Corporation
2024, c.26, s.1
47.1(1)In this section, “costs of financing” means
(a) in the case of raising funds under this section, including by way of a loan, all funds that the Corporation is required to collect, receive, remit or reimburse under an agreement referred to in subsection (4), except those funds that are advanced to the Corporation under this section, and the funds that the Corporation collects, receives, remits or reimburses on behalf of an entity that is a party to the agreement, including any interest and prepayment and default charges, and
(b) in the case of raising funds by way of a loan under section 44, interest and other fees and charges that the Corporation is required to pay as part of that loan, including annual costs.
47.1(2)Subject to the approval of the Lieutenant-Governor in Council, the Corporation may raise, including by way of a loan, from an entity prescribed by regulation the funds the Corporation considers necessary to finance all or any portion of a project prescribed by regulation, and those funds shall be advanced to the Corporation.
47.1(3)The Lieutenant-Governor in Council may give the approval referred to in subsection (2) if the Lieutenant-Governor in Council is satisfied that the costs of financing relating to raising funds under this section, including by way of a loan, are lower than if the project were financed by raising funds by way of a loan under section 44.
47.1(4)Subject to subsection (5), the Corporation may enter into and carry out agreements with an entity prescribed by regulation for the purpose of raising funds under this section.
47.1(5)An agreement entered into between the Corporation and an entity prescribed by regulation shall not bind the parties to the agreement unless the agreement is first approved by the Lieutenant-Governor in Council.
47.1(6)An agreement approved by the Lieutenant-Governor in Council under this section shall be deemed to be prudent, and the advances made to the Corporation under this section and any costs of financing relating to the agreement are deemed to be prudent and necessary to carry out the agreement.
47.1(7)For greater certainty, for the purposes of carrying out an agreement under this section, the Corporation may collect, receive, remit or reimburse funds on its own behalf and on behalf of an entity prescribed by regulation.
47.1(8)The Board shall ensure that the advances made to the Corporation under this section that are required to be reimbursed or remitted to an entity prescribed by regulation, and the costs of financing relating to the advances, are recovered by the Corporation in accordance with the regulations, and their recovery shall be deemed to be just and reasonable for the purposes of section 103.
47.1(9)With respect to any funds raised under this section, the Corporation is required to maintain the books and records prescribed by and in accordance with the regulations.
2024, c.26, s.1