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A-6.001, r. 3 - Regulation respecting borrowings made by a body
Section 2
Disposition versions
2. The authorization of the Minister of Finance referred to in the first paragraph of section 77.1 of the Financial Administration Act (chapter A-6.001) is not required in respect of the following borrowings of a body:
(1) a borrowing negotiated by the Minister of Finance under a mandate assigned by the body;
(2) a borrowing made with the Minister of Finance, as manager of the financing fund, or with Financement-Québec;
(3) a short-term borrowing or a borrowing by line of credit that meets the following conditions:
(a) the borrowing is made with one of the following lenders:
i. a financial institution authorized to carry on its activities under the laws applicable in Québec or Canada;
ii. the Caisse de dépôt et placement du Québec;
iii. a pension fund of a body referred to in section 77 of the Financial Administration Act;
iv. (subparagraph revoked);
(b) the interest rate of the borrowing does not exceed,
i. for a borrowing whose rate is calculated daily, the Canadian Overnight Repo Rate Average (CORRA), administered and published by the Bank of Canada or its successor as administrator, increased by 0.60%, including all fees;
ii. for a borrowing whose rate is fixed for one month or less, the one-month Term CORRA benchmark published by CanDeal Benchmark Solutions, or an alternative provider recognized by the Canadian financial market on the date of the borrowing, increased by 0.60%, including all fees;
iii. for a borrowing whose rate is fixed for more than one month, the 3-month Term CORRA benchmark published by CanDeal Benchmark Solutions, or an alternative provider recognized by the Canadian financial market, on the date of the borrowing, increased by 0.60%, including all fees;
(c) the borrowing is made to finance operational needs or a capital project for which the body does not receive a government subsidy;
(4) a bank overdraft or any other credit facility that may be used to finance a bank overdraft and granted to a body by its financial institution, with a maximum term of 5 working days and whose applicable interest rate does not exceed the prime rate of the lending financial institution.
2. The authorization of the Minister of Finance referred to in the first paragraph of section 77.1 of the Financial Administration Act (chapter A-6.001) is not required in respect of the following borrowings of a body:
(1) a borrowing negotiated by the Minister of Finance under a mandate assigned by the body;
(2) a borrowing made with the Minister of Finance, as manager of the financing fund, or with Financement-Québec;
(3) a short-term borrowing or a borrowing by line of credit that meets the following conditions:
(a) the borrowing is made with one of the following lenders:
i. a financial institution authorized to carry on its activities under the laws applicable in Québec or Canada;
ii. the Caisse de dépôt et placement du Québec;
iii. a pension fund of a body referred to in section 77 of the Financial Administration Act;
iv. (subparagraph revoked);
(b) the interest rate of the borrowing does not exceed:
i. for any borrowing whose reference rate is the CORRA rate, the CORRA rate published by Bank of Canada applicable on the dates of determination of the rate, increased by 0,62%, including all fees;
ii. for any other borrowing, the rate of Canadian bankers’ acceptances on the CDOR page of the Reuters system on the date of the borrowing, increased by 0.3%, including all fees;
(c) the borrowing is made to finance operational needs or a capital project for which the body does not receive a government subsidy;
(4) a bank overdraft or any other credit facility that may be used to finance a bank overdraft and granted to a body by its financial institution, with a maximum term of 5 working days and whose applicable interest rate does not exceed the prime rate of the lending financial institution.
2. The authorization of the Minister of Finance referred to in the first paragraph of section 77.1 of the Financial Administration Act (chapter A-6.001) is not required in respect of the following borrowings of a body:
(1) a borrowing negotiated by the Minister of Finance under a mandate assigned by the body;
(2) a borrowing made with the Minister of Finance, as manager of the financing fund, or with Financement-Québec;
(3) a short-term borrowing or a borrowing by line of credit that meets the following conditions:
(a) the borrowing is made with one of the following lenders:
i. a financial institution authorized to carry on its activities under the laws applicable in Québec or Canada;
ii. the Caisse de dépôt et placement du Québec;
iii. a pension fund of a body referred to in section 77 of the Financial Administration Act;
iv. (subparagraph revoked);
(b) the interest rate of the borrowing does not exceed the rate of Canadian bankers’ acceptances on the CDOR page of the Reuters system on the date of the borrowing, increased by 0.3%, including all fees;
(c) the borrowing is made to finance operational needs or a capital project for which the body does not receive a government subsidy;
(4) a bank overdraft or any other credit facility that may be used to finance a bank overdraft and granted to a body by its financial institution, with a maximum term of 5 working days and whose applicable interest rate does not exceed the prime rate of the lending financial institution.
2. The authorization of the Minister of Finance referred to in the first paragraph of section 77.1 of the Financial Administration Act (chapter A-6.001) is not required in respect of the following borrowings of a body:
(1) a borrowing negotiated by the Minister of Finance under a mandate assigned by the body;
(2) a borrowing made with the Minister of Finance, as manager of the financing fund, or with Financement-Québec;
(3) a short-term borrowing or a borrowing by line of credit that meets the following conditions:
(a) the borrowing is made with one of the following lenders:
i. a financial institution authorized to carry on its activities under the laws applicable in Québec or Canada;
ii. the Caisse de dépôt et placement du Québec;
iii. a pension fund of a body referred to in section 77 of the Financial Administration Act;
iv. the Société québécoise des infrastructures;
(b) the interest rate of the borrowing does not exceed the rate of Canadian bankers’ acceptances on the CDOR page of the Reuters system on the date of the borrowing, increased by 0.3%, including all fees;
(4) a bank overdraft or any other credit facility that may be used to finance a bank overdraft and granted to a body by its financial institution, with a maximum term of 5 working days and whose applicable interest rate does not exceed the prime rate of the lending financial institution.
2. The authorization of the Minister of Finance referred to in the first paragraph of section 77.1 of the Financial Administration Act (chapter A-6.001) is not required in respect of the following borrowings of a body:
(1) a borrowing negotiated by the Minister of Finance under a mandate assigned by the body;
(2) a borrowing made with the Minister of Finance, as manager of the financing fund, or with Financement-Québec;
(3) a short-term borrowing or a borrowing by line of credit that meets the following conditions:
(a) the borrowing is made with one of the following lenders:
i. a financial institution authorized to carry on its activities under the laws applicable in Québec or Canada;
ii. the Caisse de dépôt et placement du Québec;
iii. a pension fund of a body referred to in section 77 of the Financial Administration Act;
iv. the Société immobilière du Québec;
(b) the interest rate of the borrowing does not exceed the rate of Canadian bankers’ acceptances on the CDOR page of the Reuters system on the date of the borrowing, increased by 0.3%, including all fees;
(4) a bank overdraft or any other credit facility that may be used to finance a bank overdraft and granted to a body by its financial institution, with a maximum term of 5 working days and whose applicable interest rate does not exceed the prime rate of the lending financial institution.
