Government of Saskatchewan
Saturday, April 20, 2019
Publications Centre
Publications Centre
MY Account | View Cart





OC 239/2017 - Issue and Sale of Province of Saskatchewan Debentures to SaskEnergy Incorporated for $100,000,000 (Minister of Finance/Minister Responsible for SaskEnergy Incorporated)
Description:

Title: Issue and Sale of Province of Saskatchewan Debentures to SaskEnergy Incorporated for $100,000,000

Minister: Minister of Finance and Minister Responsible for SaskEnergy Incorporated

Summary: Orders that the Minister of Finance of Saskatchewan is approved to advance to SaskEnergy Incorporated (“the Corporation”) from time to time as may be required the sum of $101,496,000 plus accrued interest on $100,000,000 principal amount of the Debentures from May 16, 2017 to the date of the advance, being the net sum realized from the issue and sale, pursuant to Your Honour’s Order 447/2016 dated October 12, 2016 of Debentures of the Province of Saskatchewan of Series SC, maturing June 2, 2048 and bearing interest at 3.30% per annum (the “Debentures”) in the principal amount of $100,000,000 for the purposes of the Corporation under the following terms and conditions:

(a) SaskEnergy Incorporated shall on the 2nd day of June and 2nd day of December in each year of the currency of the Debentures pay to the Minister of Finance an amount equal to the amount of the interest due and attributable to the said Debentures issued for the purposes of the Corporation;

(b) SaskEnergy Incorporated shall on the 2nd day of June and the 2nd day of December in each year of the currency of the Debentures, 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 Debentures issued for the purposes of the Corporation;

(c) SaskEnergy Incorporated shall reimburse the general revenue fund for all expenses incurred in connection with the issue and sale of the said Debentures issued for the purposes of the Corporation including printing costs and legal fees;

(d) SaskEnergy Incorporated shall, on or before the 1st day of June in each year of the currency of the Debentures, commencing on or before the 1st day of June, 2018, pay to the Minister of Finance a sum equal to not less than one per centum (1%) of the aggregate principal amount of the said Debentures issued for the purposes of the Corporation outstanding at the time of each such annual payment, with such payments to be deposited in a sinking fund to provide for payment of such Debentures and to be invested as the Lieutenant Governor in Council may determine;

(e) SaskEnergy Incorporated shall, when the said Debentures issued for the purposes of the Corporation are redeemed, pay to the Minister of Finance the amounts required to redeem such Debentures and the amount of all bank charges in connection with such redemption, less the amount available for that purpose from the sinking fund referred to in clause (d); and

(f) Notwithstanding the foregoing terms and conditions, SaskEnergy Incorporated shall have the right at any time at or prior to the maturity of the said Debentures issued for the purposes of the Corporation to repay the advance or any part thereof to the Minister of Finance in a manner and on such terms and conditions as from time to time may be agreed between the Minister of Finance and Saskatchewan Telecommunications.

See: The Financial Administration Act, 1993, sections 47 and 48
The SaskEnergy Act, section 38





Related Products

These publications are related to the currently selected product as determined by the agency cataloguing the document:


May We Suggest...

The following are some but certainly not all products related to the currently displayed product: