Government of Saskatchewan
Tuesday, March 26, 2019
Publications Centre
Publications Centre
MY Account | View Cart





OC 641/2014 - Issue and Sale of Province of Saskatchewan Debentures for $3,000,000,000.00 (Minister of Finance)
Description:

Title: Issue and Sale of Province of Saskatchewan Debentures for $3,000,000,000.00

Minister: Minister of Finance

Summary: Orders that:

(a) the Minister of Finance of the Province of Saskatchewan is hereby authorized to borrow money by way of loan upon the credit of the Government of Saskatchewan (the “Province”) by the issue and sale from time to time of debentures of the Province (the “Debentures”) up to a maximum aggregate principal amount of $3,000,000,000.00, to realize the net sum required:

(i) where, in the opinion of the Minister of Finance, the general revenue fund is or will be insufficient to meet the charges and expenses lawfully authorized to be defrayed from it;

(ii) for the payment, refunding or renewal of all or any part of any money borrowed or security issued pursuant to The Financial Administration Act, 1993 or any other statute of the Province of Saskatchewan, including any interest or premium on that money or security;

(iii) for the purpose of funding loans or advances made from the general revenue fund; or

(iv) for the purposes of Crown corporations or for the purposes of the statutes of the Province of Saskatchewan pursuant to which Crown corporations are established, including the payment, refunding or renewal of amounts previously borrowed or securities previously issued for those purposes;
(b) the maximum aggregate principal amount of the Debentures authorized to be issued hereunder is hereby declared to be necessary to realize the net sum required to be raised by way of loan for the purposes aforesaid;

(c) the Debentures shall be direct and unconditional obligations of the Province and the payment of the principal of and interest thereon shall be a charge on and payable out of the general revenue fund of the Province, and the Debentures shall rank pari passu with all other securities constituting general obligations of the Province outstanding at the date of issue thereof or issued thereafter, without any preference granted by the Province one above the other by reason of priority of date of issue, currency of payment or otherwise;

(d) with respect to each issue and sale from time to time of Debentures (which term includes where required any global security representing 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 and the person or persons to whom the Debentures are to be sold;

(vi) whether the Debentures are to be sold by private sale or public tender;

(vii) 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;

(viii) the place or places of payment of the Debentures;

(ix) any terms and conditions relating to the transfer or exchange of the Debentures;

(x) the series designation for any issue of Debentures, which may include designation as part of an existing series;

(xi) any sinking fund requirements for the Debentures; and

(xii) any other terms and conditions applicable to the issue or sale of the Debentures;
(e) 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;

(f) 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, and 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;

(g) the Debentures shall be issued only as fully registered debentures, without coupons, and may be issued either:
(i) in book-entry form represented by global securities registered in the name of CDS Clearing and Depository Services Inc. or its nominee with beneficial interests in such securities shown on, and transfers thereof effected only through, records maintained by CDS Clearing and Depository Services Inc.; or

(ii) in definitive form;
and the Debentures shall be payable as to the principal and interest in lawful money of Canada;

(h) 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;

(i) the net sum realized from the issue and sale of Debentures from time to time shall be paid into the general revenue fund of the Province to provide for the purposes aforesaid;

(j) each of the Minister of Finance, the Deputy Minister of Finance, the Associate Deputy Minister in the Ministry of Finance, and any Executive Director or Director in the Treasury and Debt Management Division of the Ministry of Finance of the Province is hereby authorized from time to time on behalf of the Province to:
(i) accept any offer and enter into and execute any agreements for the issue and sale of Debentures, and enter into and execute any other contracts or agreements relating to the issue and sale of Debentures, that the Minister of Finance or such other authorized official considers advisable; and

(ii) supply all information relating to the Province, including information relating to the public debt of the Province and its financial position, as may be required to be used in connection with the sale of Debentures.

See: The Financial Administration Act, 1993, sections 47, 49, 52 and 71(2)





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: