First Nations Fiscal Management Act

Marginal note:No repeal by borrowing members

• 11 (1) A borrowing member with an unpaid loan secured by local revenues shall not repeal a property taxation law or a law made under paragraph 5(1)(a.1) unless

  • (a) the revenues raised under that law, if any, are not being used as security for any loan obtained from the First Nations Finance Authority and the repeal of that law would not adversely affect the member’s obligations to the First Nations Finance Authority; or

  • (b) the law is concurrently replaced by a new law of the same nature that would not result in a reduction of the borrowing member’s borrowing capacity.

• Marginal note:Priority to Authority

  (2) A law made under paragraph 5(1)(b) by a borrowing member with an unpaid loan secured by local revenues shall not authorize the expenditure of local revenues unless the borrowing member’s budget provides for the payment of all amounts payable to the First Nations Finance Authority during the budget period.

• Marginal note:Financial commitment

  (3) A borrowing member with an unpaid loan secured by local revenues shall, in every year, reserve the local revenues that are required to ensure that all amounts authorized to be paid to the First Nations Finance Authority in the year with respect to that loan are actually paid in that year.