First Nations Fiscal Management Act

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.