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OC 701/2013 - Issue and Sale of Province of Saskatchewan Floating Rate Notes to the Saskatchewan Power Corporation - $100,000,000 (Minister of Finance/Minister Responsible for Saskatchewan Power Corporation)
Description:

Title: Issue and Sale of Province of Saskatchewan Floating Rate Notes to the Saskatchewan Power Corporation - $100,000,000

Minister: Minister of Finance and Minister Responsible for Saskatchewan Power Corporation

Summary: Orders that the Minister of Finance of Saskatchewan is approved to advance to Saskatchewan Power Corporation (“the Corporation”) from time to time as may be required the sum of $100,000,000, being the net sum realized from the issue and sale, pursuant to Your Honour’s Order 679/94 dated October 18, 1994, as amended by Order in Council 521/96 dated July 24, 1996, as amended by Order in Council 504/2002 dated July 24, 2002 of Floating Rate Notes of the Province of Saskatchewan of Series CMTN 19, maturing December 12, 2016 and bearing interest at 3 month CDOR minus 11.5 basis points paid quarterly in the principal amount of $100,000,000 for the purposes of the Corporation under the following terms and conditions:

(a) Saskatchewan Power Corporation shall on the 12th day of March, the 12th day of June, the 12th day of September and the 12th day of December in each year of the currency of the Floating Rate Notes pay to the Minister of Finance an amount equal to the amount of the interest due and attributable to the said Floating Rate Notes issued for the purposes of the Corporation;

(b) Saskatchewan Power Corporation shall on the 12th day of March, the 12th day of June, the 12th day of September and the 12th day of December in each year of the currency of the Floating Rate Notes, or as soon thereafter as such charges may be ascertained, pay to the Minister of Finance all bank charges in connection with the payment of interest attributable to the said Floating Rate Notes issued for the purposes of the Corporation;

(c) Saskatchewan Power Corporation shall reimburse the general revenue fund for all expenses incurred in connection with the issue and sale of the said Floating Rate Notes issued for the purposes of the Corporation including printing costs and legal fees; and

(d) Saskatchewan Power Corporation shall, when the said Floating Rate Notes issued for the purposes of the Corporation are redeemed, pay to the Minister of Finance the amounts required to redeem such Floating Rate Notes and the amount of all bank charges in connection with such redemption.

See: The Financial Administration Act, 1993, section 48
The Power Corporation Act, section 39





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