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First Nations Fiscal Management Act

Version of section 79 from 2006-04-01 to 2016-03-31:

Marginal note:Limitations — infrastructure loans

 The Authority shall not make a long-term loan to a borrowing member for the purpose of financing capital infrastructure for the provision of local services on reserve lands unless

  • (a) the First Nations Tax Commission has approved a law made by the borrowing member under paragraph 5(1)(d); and

  • (b) the loan is to be paid out of the property tax revenues of the borrowing member in priority to other creditors of the borrowing member.

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