First Nations Fiscal Management Act
Marginal note:Sinking fund
82 (1) The Authority shall establish a sinking fund, or any other system of repayment prescribed by regulation, to fulfil its repayment obligations to the holders of each security issued by the Authority.
Marginal note:Separate accounts
(2) Where a sinking fund is established, a separate sinking fund account shall be kept for each borrowing member participating in a security issued by the Authority.
Marginal note:Sinking fund investments
(3) Funds in a sinking fund may be invested only in
(a) securities issued or guaranteed by Canada or a province;
(b) securities of a local, municipal or regional government in Canada;
(b.1) securities of the Authority or of a municipal finance authority established by a province, if the day on which they mature is not later than the day on which the security for which the sinking fund is established matures;
(c) investments guaranteed by a bank, trust company or credit union; or
(d) deposits in a bank or trust company in Canada or non-equity or membership shares in a credit union.
- 2005, c. 9, s. 82
- 2015, c. 36, s. 198
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