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FINANCING MUNICIPALITIES & SUB-NATIONAL GOVERNMENTS October 1, 2004

ALBERTA CAPITAL FINANCE AUTHORITY. FINANCING MUNICIPALITIES & SUB-NATIONAL GOVERNMENTS October 1, 2004. Alberta. Canada. Vancouver 817 km ( 507 miles). •. Ottawa 2,847km (1,769 miles). •. •. New York City 3270 km ( 2,032 miles). United States.

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FINANCING MUNICIPALITIES & SUB-NATIONAL GOVERNMENTS October 1, 2004

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  1. ALBERTA CAPITAL FINANCE AUTHORITY FINANCING MUNICIPALITIES & SUB-NATIONAL GOVERNMENTS October 1, 2004

  2. Alberta Canada Vancouver817 km (507 miles) • Ottawa2,847km (1,769 miles) • • New York City3270 km(2,032 miles) United States Alberta covers 661,190 km2(255,285 miles2), an area larger than France or Thailand. Mexico • Mexico City3,973 km(2,469 miles)

  3. Alberta Capital Finance AuthorityCorporate Status • ACFA was established in 1956 as a non-profit Authority. • The ACFA Act provides for a statutory guarantee by the Province of ACFA debt. • ACFA is an agent of the Crown and its obligations are obligations of the Province.

  4. Alberta Capital Finance AuthorityBoard of Directors • There are nine members on the Board of Directors. • The Lieutenant Governor in Council appoints five directors to represent the Class A shareholder, the Province. • Each of the other four classes of shareholders – borrowers elects one director to the Board.

  5. Alberta Capital Finance AuthorityLoans • Borrowing flexibility • Quarterly • Various terms (3 to 30-years) • Repayment flexibility

  6. Alberta Capital Finance AuthorityFinancial Position • December 31, 2003 • Assets - $4.05 billion • Loans - $3.94 billion • Debt - $3.97 billion • Retained Earnings - $22.4 million

  7. Alberta Capital Finance AuthorityLoan Purposes • Water and sewer • Roads and bridges • Transit equipment and construction • Land purchase (Bank, municipal use) • Buildings – recreational/equipment,etc • Equipment – graders, trucks • Utilities – gas, electrical • Airport – infrastructure • Irrigation works • Schools – energy efficiency projects • Parking • Student residences

  8. Federation FederalismDivision of Powers • Constitution creates two orders of government, not two levels. • Each order is sovereign • Canadian federation often cited as the most decentralized in the world. People Provincial Government Federal Government HealthEducationSocial ServicesNatural Resources DefenseForeign AffairsPost OfficeTreaty Indians

  9. Municipal Government Act • Municipalities are creations of the Province. • The Municipal Government Act provides the framework in which municipalities can operate. • Municipalities are given three types of power • Natural person powers • Regulatory powers • Other special powers • Limits to these powers are prescribed in the Municipal Government Act.

  10. Municipal Government Act • Financial requirements • Operating and capital budgets • Annual financial statements • Annual information returns • Qualified auditors • Financial limitations • Balanced budgets • Liability of elected officials • Debt and debt service limit requirements

  11. Municipal Government Act • Authority • By-law requirements • Public scrutiny

  12. Alberta Capital Finance AuthorityLoan Review • Application • By-law • Debt and debt service limits • Credit review • Term versus life of project • Development projects

  13. Public Markets • AAA rating • Provincial guarantee • Canadian and foreign markets

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