First Nations Fiscal Management Act

Marginal note:Mandate

74 The purposes of the Authority are to

• (a) secure for its borrowing members, through the use of property tax revenues,

  • (i) loans that have terms of one year or longer to finance or refinance capital assets for the provision of local services on reserve lands, or

  • (ii) loans that have terms of less than one year to meet cash-flow requirements for operating or capital purposes or to refinance a short-term debt incurred for capital purposes;

  • (iii) [Repealed, 2023, c. 16, s. 35]

• (b) secure for its borrowing members, through the use of other revenues, loans for any purpose that promotes a First Nation’s economic or social development, including loans for

  • (i) capital assets that are to be wholly or partly owned by the First Nation, including capital assets for the provision of services, housing, plants, machinery, roads and buildings,

  • (ii) rolling stock that is to be wholly or partly owned by the First Nation,

  • (iii) land that is to be wholly or partly owned by the First Nation,

  • (iv) shares or any other ownership interest in a corporation whose purpose includes the ownership, operation, management or sale of the products of power generating facilities, waste or wastewater treatment facilities or other public service utilities or facilities, and

  • (v) short-term financing to meet cash flow requirements for capital purposes or to refinance a short-term debt incurred for capital purposes;

• (c) secure the best possible credit terms for its borrowing members;

• (d) provide investment services to First Nations and entities referred to in any of paragraphs 50.1(1)(a) to (e); and

• (e) provide advice regarding the development of financing mechanisms for First Nations.