Government of Saskatchewan
Wednesday, August 15, 2018
Publications Centre
Publications Centre
MY Account | View Cart





OC 2/2014 - Issue and Sale of Province of Saskatchewan Debentures to Saskatchewan Telecommunications (Minister of Finance/Minister Responsible for Saskatchewan Telecommunications)
Description:

Title: Issue and Sale of Province of Saskatchewan Debentures to Saskatchewan Telecommunications

Minister: Minister of Finance and Minister Responsible for Saskatchewan Telecommunications

Summary: Orders that the Minister of Finance of Saskatchewan is approved to advance to Saskatchewan Telecommunications (“the Corporation”) from time to time as may be required the sum of $144,861,000.00 plus accrued interest on $150,000,000 principal amount of the Debentures from December 2, 2013 to the date of the advance, being the net sum realized from the issue and sale, pursuant to Your Honour’s Orders 466/2007 dated June 27, 2007 and 543/2013 dated September 26, 2013 of Debentures of the Province of Saskatchewan of Series MC, maturing June 2, 2045 and bearing interest at 3.90% per annum (the “Debentures”) in the principal amount of $150,000,000 for the purposes of the Corporation under the following terms and conditions:

(a) Saskatchewan Telecommunications shall on the 2nd day of December and 2nd day of June in each year of the currency of the Debentures pay to the Minister of Finance an amount equal to the amount of the interest due and attributable to the said Debentures issued for the purposes of the Corporation;

(b) Saskatchewan Telecommunications shall on the 2nd day of December and the 2nd day of June in each year of the currency of the Debentures, or as soon thereafter as such charges may be ascertained, pay to the Minister of Finance all bank charges in connection with the payment of interest attributable to the said Debentures issued for the purposes of the Corporation;

(c) Saskatchewan Telecommunications shall reimburse the general revenue fund for all expenses incurred in connection with the issue and sale of the said Debentures issued for the purposes of the Corporation including printing costs and legal fees;

(d) Saskatchewan Telecommunications shall, on or before the 1st day of June in each year of the currency of the Debentures, commencing on or before the 1st day of June, 2014, pay to the Minister of Finance a sum equal to not less than one per centum (1%) of the aggregate principal amount of the said Debentures issued for the purposes of the Corporation outstanding at the time of each such annual payment, with such payments to be deposited in a sinking fund to provide for payment of such Debentures and to be invested as the Lieutenant Governor in Council may determine;

(e) Saskatchewan Telecommunications shall, when the said Debentures issued for the purposes of the Corporation are redeemed, pay to the Minister of Finance the amounts required to redeem such Debentures and the amount of all bank charges in connection with such redemption, less the amount available for that purpose from the sinking fund referred to in clause (d); and

(f) Notwithstanding the foregoing terms and conditions, Saskatchewan Telecommunications shall have the right at any time at or prior to the maturity of the said Debentures issued for the purposes of the Corporation to repay the advance or any part thereof to the Minister of Finance in a manner and on such terms and conditions as from time to time may be agreed between the Minister of Finance and Saskatchewan Telecommunications.

See: The Financial Administration Act, 1993, section 48
The Saskatchewan Telecommunications Act, section 28





Related Products

These publications are related to the currently selected product as determined by the agency cataloguing the document:


May We Suggest...

The following are some but certainly not all products related to the currently displayed product: