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OC 634/2010 - Issue, Sale and Advance of Province of Saskatchewan Debentures to the Canada Pension Plan Investment Board for Saskatchewan Water Corporation - $30,000,000 (Minister of Finance/Minister Responsible for Saskatchewan Water Corporation)
Description:

Title: Issue, Sale and Advance of Province of Saskatchewan Debentures to the Canada Pension Plan Investment Board for Saskatchewan Water Corporation - $30,000,000

Minister: Minister of Finance and Minister Responsible for Saskatchewan Water Corporation

Summary:Orders:

(a) That the Minister of Finance is authorized to raise money by way of loan upon the credit of the Government of Saskatchewan (the “Province”) by the issue and sale from time to time to the Canada Pension Plan Investment Board of Debentures of the Province of Saskatchewan in a principal amount not exceeding Thirty Million Dollars ($30,000,000.00) (the “Debentures”), it being hereby declared that it is necessary to issue and sell the Debentures to realize the net sum of Thirty Million Dollars ($30,000,000.00) required for the purpose of advances to Saskatchewan Water Corporation for its purposes:

(b) That the payment of the principal of and interest on the Debentures shall be a charge on and payable out of the general revenue fund of the Province.

(c) That with respect to each issue and sale from time to time of Debentures, the Minister of Finance is hereby authorized to establish:

    (i) the date of the issuance of the Debentures and the date of their maturity;
    (ii) the principal amount of the Debentures;
    (iii) the rate of interest or method of calculation of interest payable on the Debentures;
    (iv) the form and denomination of the Debentures;
    (v) the price at which the Debentures are to be sold;
    (vi) whether the Debentures are to be redeemed at the option of the Province or repaid at the option of the holder, and if so, the provisions relating to such redemption or repayment;
    (vii) the place or places of payment of the Debentures;
    (viii) any terms and conditions relating to the transfer or exchange of the Debentures;
    (ix) the series designation for any issue of Debentures, which may include designation as part of an existing series;
    (x) any sinking fund requirements for the Debentures; and
    (xi) any other terms and conditions applicable to the issue or sale of the Debentures.
(d) That for each series of the Debentures, the Minister of Finance will cause to be kept by an agent (such agent being hereinafter referred to as the “Registrar”) a register in which shall be entered the names and addresses of the holders of Debentures of that series, and particulars of such Debentures held by them respectively and in which transfers of such Debentures may be registered.

(e) That the Registrar of each series of the Debentures shall be the Registrar of Securities of the Province of Saskatchewan at its principal office in Regina unless and until the Minister of Finance appoints a different Registrar for that series of the Debentures. In the event of any such change in the Registrar, a notice thereof shall be sent by ordinary mail to the holders of the Debentures of that series at their addresses appearing in the register of the Debentures of that series.

(f) That the Debentures shall be issued only as fully registered debentures, without coupons, and in definitive form. The Debentures shall be payable as to the principal and interest in lawful money of Canada.

(g) That the Debentures shall be manually signed by the Minister of Finance or the Deputy Minister of Finance, or have engraved, lithographed, printed or otherwise mechanically reproduced thereon the signature of the Minister of Finance or the Deputy Minister of Finance, and shall be sealed with the Seal of the Ministry of Finance which may be impressed, engraved, lithographed, printed or otherwise mechanically reproduced thereon, and when so executed the Debentures shall be binding upon the Province notwithstanding any change in the person holding the said office between the time when the said signature is affixed thereto as aforesaid and the date of delivery of the Debentures and notwithstanding the fact that the person whose signature is so affixed may not have held office at the date of the Debentures or at the date of delivery thereof, provided that, notwithstanding the foregoing, the Debentures shall not be valid or enforceable for any purpose unless countersigned by the Registrar.

(h) That the net sum realized from the issue and sale of the Debentures from time to time be paid into the general revenue fund of the Province and shall be advanced by the Minister of Finance of Saskatchewan to Saskatchewan Water Corporation from time to time for the purposes of The Saskatchewan Water Corporation Act upon the following terms and conditions:
    (i) Saskatchewan Water Corporation shall on or before the respective interest payment dates in respect of the Debentures pay to the Minister of Finance of Saskatchewan an amount equal to the amount of the interest due on the Debentures;
    (ii) Saskatchewan Water Corporation shall on or before the respective interest payment dates in respect of the Debentures pay to the Minister of Finance of Saskatchewan all bank charges in connection with the payment of interest on the Debentures;
    (iii) Saskatchewan Water Corporation shall reimburse the general revenue fund for all expenses incurred in connection with the issue and sale of the Debentures, including discount, printing costs and legal fees;
    (iv) With respect to each issue of the Debentures with a maturity date that is 10 years of more from their date of issue, Saskatchewan Water Corporation shall annually in each year of the currency of such issue of the Debentures pay into the general revenue fund a sum equal to not less than one per cent (1%) of the aggregate principal amount of such issue of the Debentures outstanding at the time of each such annual payment, with such payments being deposited in a sinking fund to provide for payment of such issue of the Debentures and to be invested as the Lieutenant Governor in Council may determine;
    (v) Saskatchewan Water Corporation shall, when the Debentures are to be redeemed, pay to the Minister of Finance of Saskatchewan the amount required to redeem the Debentures and the amount of all bank charges in connection with such redemption, less the amount available for that purpose from a sinking fund referred to in clause (iv): and
    (vi) Notwithstanding the preceding terms and conditions, Saskatchewan Water Corporation shall have the right at any time prior to the date when any issue of the Debentures are to be redeemed to repay to the Minister of Finance all or any part of the advance related to such issue of the Debentures, in a manner and on such terms and conditions as from time to time may be agreed between the Minister of Finance and Saskatchewan Water Corporation.
See: The Saskatchewan Water Corporation Act, section 25(1)
The Financial Administration Act, 1993, sections 47, 48 and 71(2)





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