LOCAL: Port Authority's borrowing limit increased to $45-mil

The Hamilton Port Authority is now allowed to borrow up to $45-million for project, an significant increase from their previous limit of $5-mil.

The change was announced in the July 21st edition of The Canada Gazette:



Hamilton Port Authority — Supplementary letters patent


**WHEREAS **Letters Patent were issued by the Minister of Transport (“Minister”) for the Hamilton Port Authority (“Authority”) under the authority of the *Canada Marine Act *(“Act”), effective May 1, 2001;

WHEREAS the board of directors of the Authority has requested that the Minister issue Supplementary Letters Patent for the purpose of increasing the borrowing limit set out in section 9.2 of the Letters Patent from $5,000,000 to $45,000,000;

WHEREAS, by Order in Council P.C. 2012-826 of June 19, 2012, the Governor in Council, pursuant to subsection 8(5) of the Act, approved the provisions of the proposed Supplementary Letters Patent increasing the aggregate limit on the power of the Authority to borrow money on the credit of the Authority for port purposes;

**AND WHEREAS **the Minister is satisfied that the amendment to the Letters Patent of the Authority is consistent with the Act;

NOW THEREFORE under the authority of section 9 of the Canada Marine Act, the Letters Patent are amended as follows:

1. Section 9.2 of the Letters Patent issued to the Hamilton Port Authority is replaced by the following:

9.2 Restriction on Incurrence of Borrowing. The Authority shall not incur any item of Borrowing so that the aggregate Borrowing of the Authority would exceed$45,000,000.

Issued under my hand to be effective this 4th day of July, 2012.

Denis Lebel, P.C., M.P.
Minister of Transport

As well, the appointment of Matthew Moccio to the Hamilton Port Authority for a three-year term was Gazetted in this issue.