Yukon Borrowing Limits Regulations (SOR/2013-38)

Definition

Marginal note:Definition of government

1 In these Regulations, government means the government reporting entity — as defined in the section dealing with the government reporting entity in the CPA Canada Public Sector Accounting Handbook, as amended from time to time — of Yukon.

Borrowing

Marginal note:Meaning

• 2 (1) Subject to subsection (2), for the purposes of subsections 23(2) and (4) of the Yukon Act, each of the following constitutes or is deemed to constitute borrowing:

  • (a) an obligation incurred as a result of any loan of money received by the government, including a loan made by the issuance and sale of bonds, debentures, notes or any other evidence of indebtedness;

  • (b) an obligation incurred as a result of any capital lease entered into by the government if the value of the obligation, determined in accordance with paragraph 3(b), exceeds the threshold for disclosure that is required in the Yukon Public Accounts;

  • (c) a liability incurred as a result of any sale-leaseback transaction entered into by the government if the government acquires a leased tangible capital asset and the value of the liability, determined in accordance with paragraph 3(c), exceeds the threshold for disclosure that is required in the Yukon Public Accounts; and

  • (d) a contingent liability incurred as a result of any loan guarantee provided by the government.

• Marginal note:Exclusion — obligation within government

  (2) An obligation, liability or contingent liability incurred as a result of any transaction referred to in subsection (1) between any two parties within the government does not constitute or is deemed not to constitute borrowing.

Value of Borrowing

Marginal note:Manner to determine value of borrowing

3 For the purposes of subsections 23(2) and (4) of the Yukon Act,

• (a) the value of the obligation incurred as a result of a loan referred to in paragraph 2(1)(a) is equal to the sum of any outstanding principal and any accrued interest — or the principal repayable at maturity in the case of a loan made by the issuance and sale of a discount bond — but excludes the amount of any custodial account that is outside the control of the government and in which money is deposited on a regular basis, as required by a loan agreement, for the repayment of the loan;

• (b) the value of the obligation incurred as a result of a capital lease referred to in paragraph 2(1)(b) is determined in accordance with the CPA Canada Public Sector Accounting Handbook, as amended from time to time;

• (c) the value of the liability incurred as a result of a sale-leaseback transaction referred to in paragraph 2(1)(c) is determined in accordance with the CPA Canada Public Sector Accounting Handbook, as amended from time to time; and

• (d) the value of the contingent liability incurred as a result of a loan guarantee referred to in paragraph 2(1)(d) is equal to the full amount of that contingent liability that is to be disclosed in the Yukon Public Accounts.

Coming into Force

Marginal note:S.C. 2012, c. 19

Footnote ^*4 These Regulations come into force on the day on which Division 4 of Part 4 of the Jobs, Growth and Long-term Prosperity Act comes into force, but if they are registered after that day, they come into force on the day on which they are registered.

• Return to footnote ^*[Note: Regulations in force March 8, 2013, see SI/2013-25.]