Fort-Falls Bridge Authority Act (S.C. 1970-71-72, c. 51)

Marginal note:Trust agreement for bond issues

• 16 (1) The Authority may enter into trust agreements to secure any bonds issued or to be issued by it.

• Marginal note:Bank or trust company to be trustee

  (2) A trust agreement for the purpose referred to in subsection (1) may be made with any bank or trust company in Canada or the United States legally qualified to execute such a trust agreement.

• Marginal note:Contents of trust agreement

  (3) In specifying the rights and duties of the Authority, the trustee and the bondholders, a trust agreement may, subject to the rights of the holder of any bonds of the Authority then outstanding and subject to section 19, contain such provisions and covenants affecting the security or protection of any bonds issued by the Authority as may be appropriate, including but not limited to the following:

  • (a) setting forth any function that the Authority may perform pursuant to this Act and providing that the Authority will faithfully perform such function;

  • (b) limiting the purposes and uses for which the proceeds of sale of any bonds issued by the Authority may be employed and pledging such proceeds to secure the payment of any bonds issued by the Authority;

  • (c) specifying the conditions that must exist before additional bonds may be issued, limiting the amount thereof, and specifying any terms and conditions that such additonal bonds and associated security instruments shall contain;

  • (d) providing that such bonds shall be payable from any or all lawful revenues of the Authority and pledging the revenues of the Authority for such purpose;

  • (e) providing for the appointment of trustees, depositaries and paying-agents to receive, hold, disburse, invest and reinvest all or any part of the funds of the Authority, for the approval by a representative of the bond-holders of the security given by any bank or trust company with which funds of the Authority may be deposited and for any other means of safeguarding funds of the Authority;

  • (f) setting forth

    • (i) procedures, if any, by which the terms and conditions of any contract with bondholders may be granted or abrogated, and

    • (ii) the amount of the bonds the holders of which must consent to such contract and the manner in which such consent may be given; and

  • (g) imposing reasonable restrictions upon the right of action of individual bondholders.

Marginal note:Procedure on default in payment on bonds

17 Any trust agreement that is entered into by the Authority to secure any bonds or refunding bonds issued by it and that empowers the trustee thereunder to declare the principal amount of any such outstanding bonds or refunding bonds due and payable as a result of any default in payment of principal or interest, or both, in accordance with the terms thereof shall provide therein and be subject as follows:

• (a) before declaring the said principal amount due and payable, the trustee shall give notice in writing of such default to the Minister of Finance;

• (b) if Parliament is in session at the time the notice referred to in paragraph (a) is received by the Minister of Finance, the trustee shall not declare the said principal amount due and payable before the prorogation of that session, and if Parliament is not in session at the time such notice is so received or does not continue in session for at least four weeks thereafter, he shall not declare the said principal amount due and payable before the prorogation of the next ensuing session of Parliament; and

• (c) if at the session of Parliament referred to in paragraph (b) Parliament takes any action as the result of which past due principal and interest with interest on past due interest, together with fees, counsel fees and expenses of the trustee and of the receiver, if any, are paid to the trustee not later than sixty days after such prorogation, the default shall thereby be remedied.

Marginal note:Obligations of Authority

18 The bonds or other obligations of the Authority are not obligations of Her Majesty, nor is Her Majesty liable on such obligations.

Marginal note:Bridge not subject to charge

19 No charge against any portion of the bridge in Canada or against any underlying land therein may be created or enforced, either by agreement or by judicial process, to secure or enforce the payment of any obligation of the Authority.

Marginal note:Bond issues to conform with Act

20 The Authority may not issue bonds or any other securities of any description except in accordance with this Act.

Accounting

Marginal note:Records of Authority

• 21 (1) The Authority shall keep complete and accurate records of the cost to it of performing its functions, and complete and accurate records of all its cash receipts and disbursements, and shall make its records available to such authorities or the representatives thereof as the Governor in Council or any authority designated by the Governor in Council may by regulation prescribe, and to such authorities or the representatives thereof as the appropriate authority in the United States prescribes.

• Marginal note:Financial reports and audits

  (2) The Authority shall,

  • (a) at such periods, not less frequently than annually, file an itemized, detailed and verified report of all receipts and disbursements of the Authority with such persons, and

  • (b) permit such auditing of its accounts by such persons,

  as the Governor in Council or any authority designated by the Governor in Council may prescribe and as the appropriate authority in the United States prescribes.

Navigable Waters Protection Act

Marginal note:Protection of navigation

22 The Navigable Waters Protection Act applies in respect of the bridge.

Miscellaneous

Marginal note:Resident agent in Province of Ontario

23 Not later than ninety days after the commencement of this Act, and at all times thereafter, the Authority shall have an agent resident in the province of Ontario who is authorized to receive service of process in any proceedings against the Authority in any court of competent jurisdiction in Canada.

Marginal note:Assessment and taxation

24 Nothing in this Act in any way affects any right, privilege, obligation or liability in respect of provincial or municipal assessment or taxation.

Marginal note:Relationship of Authority to Crown

• 25 (1) The Authority is not an agent of Her Majesty and no member, officer or employee of the Authority shall be deemed, as such, to be an officer, agent or employee of Her Majesty.

• Marginal note:Exception

  (2) Notwithstanding subsection (1), the Authority is, for the sole purpose of entering into the agreement referred to in subsection 4(2), an agent of Her Majesty.

Marginal note:Customs and immigration facilities

26 The Authority shall provide and maintain at its expense such suitable office, warehouse and other accommodation, with adequate light and heat,

• (a) as the Governor in Council or any Minister designated by the Governor in Council may from time to time require for Canadian customs and immigration purposes; and

• (b) as the appropriate authority in the United States or any authority designated by the appropriate authority in the United States may from time to time require for United States customs and immigration purposes.

PARTIE IICanadian Operation

Marginal note:Authority may exercise powers in United States

27 When the Governor in Council is satisfied that the State of Minnesota or other appropriate authority in the United States has indicated its consent to the construction and operation of the bridge by entering into an agreement authorizing the Authority to construct, operate and maintain the portion of the bridge situated in the United States, the Governor in Council may by proclamation empower the Authority to exercise its powers and carry out its functions in the United States in accordance with this Act and the agreement.

Marginal note:Restrictions on powers of Authority

28 Subject to section 29, until such time as a proclamation is issued under section 27,

• (a) the Authority may not exercise any of its powers in the United States or in respect of any portion of the bridge situated in the United States; and

• (b) the Authority shall consist of the Canadian members only and all the provisions of this Act relating to the members of the Authority and to the composition or constitution of that body shall be read and construed as if no provision were made for United States members or United States participation.

Marginal note:Amalgamation and agreements

• 29 (1) The Authority may make agreements with any body or commission incorporated or created under the laws of the United States, or the state of Minnesota, respecting the financing, controlling, construction, maintenance and use of the bridge and its appurtenances and acquiring the approaches and lands therefor in the state of Minnesota, as well as in Canada.

• Marginal note:Combine with other bodies

  (2) The Authority may,

  • (a) subject ot this Act, join with any body or commission referred to in subsection (1) in financing, controlling, building, working, managing, maintaining and using the bridge; and

  • (b) assign, transfer and convey to any such body or commission at any time before the completion of the bridge such part, if any, of the bridge as may then have been constructed, and all rights and powers acquired by the Authority, including those rights and powers acquired under this Act, and also all the franchises, surveys, plans, works, plant, machinery and other property belonging to the Authority, upon such terms and conditions as may be agreed upon.

Marginal note:Approval required

30 Any agreement, assignment, transfer or conveyance made under section 29 is of no force or effect until it is approved by the Governor in Council and a certified copy thereof filed in the office of the Registrar General of Canada.

Marginal note:Securing payments of bonds

• 31 (1) Subject to section 19 and subsection (2), in order to secure payment of any bond issued by any body or commission referred to in section 29 for the joint purposes of the Authority and such body or commission in connection with the construction of the bridge under any agreement that may be entered into between the Authority and such body or commission, the Authority may,

  • (a) mortgage or pledge jointly with such body or commission its assets and undertakings, rights, franchises and privileges, both present and future; and

  • (b) excecute and deliver mortgages or deeds of trust by way of mortgage.

• (2) The Authority shall not mortgage its assets, undertakings, rights, franchises and privileges to secure payment of any bonds to a greater amount than fifteen million dollars.

Marginal note:Sections 29, 30 and 31 rendered ineffective

32 Upon the issuing of a proclamation under section 27, the provisions of sections 29, 30 and 31 cease to be of any force and effect.

PART IIIGeneral

Marginal note:Time for commencement and completion of bridge

• 33 (1) Subject to subsection (2), construction of the bridge shall be

  • (a) started not later than 31st December, 1979, and

  • (b) completed within four years after construction begins.

• Marginal note:Delays not affecting computation of time

  (2) Any delay caused by any act of God, or by war, invasion or insurrection shall not be included in computing the period of time referred to in paragraph (b) of subsection (1).

• Marginal note:Expiry

  (3) Upon expiry of the period referred to in paragraph (b) of subsection (1), the powers granted by this Act cease and are void in respect of that part of the undertaking that remains uncompleted.

Marginal note:Costs of conveyance upon retirement of bonds, debentures or securities without cost or expense

• 34 (1) If the Authority assigns, transfers and conveys all its rights, property and powers by an agreement under section 29 to a body or commission that issues bonds, debentures or securities in aid of the construction of the bridge, the bridge and all property rights and franchises in so far as the same are located in Canada shall be conveyed without cost or expense to the Authority when the bonds, debentures or securities issued in aid of the construction of the bridge are retired in accordance with the terms of their issue, and the assignment by the Authority of its rights, property and powers thereupon ceases.

• Marginal note:No transfer in excess of forty years

  (2) The Authority shall not assign, transfer or convey its rights, property and powers to a body or commission by an agreement under section 29 for any period in excess of forty years.