Financing Secured by Other Revenues Regulations (SOR/2011-201)

Marginal note:Adaptation to section 54

15 Section 54 of the Act is adapted so that a reference to a local revenue law is to be read as a reference to a law made under paragraph 5(1)(b), (d), (f) or (g) of the Act in relation to borrowing by the first nation from the First Nations Finance Authority that is secured by other revenues.

16 [Repealed, SOR/2016-29, s. 34]

Marginal note:Adaptation to section 79

17 Section 79 of the Act is adapted as follows:

Marginal note:Limitations

79 The Authority shall not make a loan to a borrowing member that is to be secured by other revenues unless

• (a) the borrowing member has made a borrowing law under paragraph 5(1)(d) and forwarded a copy of it to the Authority;

• (b) the Authority is satisfied that the borrowing member has the ability to repay the loan;

• (c) the borrowing member has obtained a certificate respecting financial performance from the First Nations Financial Management Board under subsection 50(3) and forwarded a copy of it to the Authority;

• (d) the borrowing member and the Authority have established a secured revenues trust account that is

  • (i) managed by a third party acceptable to the Authority, and

  • (ii) subject to terms that require the third party managing the account to periodically pay to the Authority the amounts required to be paid to the Authority under the borrowing agreement with the borrowing member, at the times set out in that agreement, before paying any remaining amount to the borrowing member; and

• (e) the borrowing member has required the payors of other revenues being used to secure the loan to deposit those other revenues into the secured revenues trust account or an intermediate account throughout the period of the loan.

Marginal note:Adaptation adding section 79.1

18 The Act is adapted by adding the following after section 79:

Marginal note:Maintenance of Authority registry

• 79.1 (1) The Authority shall maintain a registry of every law in relation to other revenues that is forwarded to it under paragraph 79(a).

• Marginal note:Website posting

  (2) Every law made under paragraph 5(1)(d) in relation to financing secured by other revenues shall be posted by the Authority on a website maintained by it within 30 days after the day on which it receives the law from the first nation under paragraph 79(a).

19 [Repealed, SOR/2016-29, s. 36]

Marginal note:Adaptation to section 85

20 Section 85 of the Act is adapted by adding the following after subsection (1):

• Marginal note:Repayments to credit enhancement fund

  (1.1) Payments made from the credit enhancement fund to a debt reserve fund established for financing secured by other revenues shall be repaid within 18 months after the day on which the payment was made — or if more than one payment has been made, within 18 months after the day on which the first payment was made — and no payments shall be made from the credit enhancement fund to the debt reserve fund after the expiry of that period until the debt reserve fund has been fully replenished under subsection 84(5).

Marginal note:Adaptation to paragraph 86(1)(b)

21 Paragraph 86(1)(b) of the Act is adapted to be read without reference to the First Nations Tax Commission.

22 [Repealed, SOR/2016-29, s. 37]

23 [Repealed, SOR/2016-29, s. 37]

Adaptations to the Revenue Management Implementation Regulations

Marginal note:General adaptations

24 The Revenue Management Implementation RegulationsFootnote ² are adapted as follows:

• Return to footnote ²SOR/2007-245

• (a) a reference to a local revenue law is to be read as a reference to a law of a first nation made under paragraph 5(1)(b), (d), (f) or (g) of the Act in relation to other revenues; and

• (b) a reference to local revenues is to be read as a reference to other revenues.

Marginal note:Inapplicable provisions

25 The Regulations are adapted so that the following provisions do not apply:

• (a) paragraphs 5(1)(b), (c), (h) and (l);

• (b) paragraph 6(1)(a); and

• (c) paragraph 18(1)(d).

Marginal note:Reference to First Nations Tax Commission

26 The following provisions of the Regulations are adapted to be read without reference to the First Nations Tax Commission:

• (a) paragraph 5(1)(a);

• (b) paragraphs 21(1)(c) and (f); and

• (c) section 22.

Marginal note:Adaptation to paragraphs 5(1)(f) and (g)

27 Paragraphs 5(1)(f) and (g) of the Regulations are adapted as follows:

• (f) the first nation’s other revenues and all expenditures of other revenues, including the accounting information required under section 14 of the Act;

• (g) any deposit, loan or investment, or any other agreement with a financial institution, relating to other revenues or any secured revenues trust account;

Marginal note:Adaptation to subsection 15(1)

28 Subsection 15(1) of the Regulations is adapted to be read without reference to the tax administrator.

Coming into Force

Marginal note:Registration

29 These Regulations come into force on the day on which they are registered.