First Nations Fiscal Management Act
Version of section 79 from 2005-03-23 to 2006-03-31:
The following provision is not in force.
Marginal note:Limitations — infrastructure loans
79 The Authority shall not make a long-term loan to a borrowing member for the purpose of financing capital infrastructure for the provision of local services on reserve lands unless
(a) the First Nations Tax Commission has approved a law made by the borrowing member under paragraph 5(1)(d); and
(b) the loan is to be paid out of the property tax revenues of the borrowing member in priority to other creditors of the borrowing member.
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