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First Nations Fiscal Management Act

Version of section 11 from 2006-04-01 to 2016-03-31:

Marginal note:No repeal by borrowing members

  •  (1) A borrowing member shall not repeal a property taxation law.

  • Marginal note:Priority to Authority

    (2) A law made under paragraph 5(1)(b) by a borrowing member shall not authorize the expenditure of local revenues unless the borrowing member’s budget provides for the payment of all amounts payable to the First Nations Finance Authority during the budget period.

  • Marginal note:Financial commitment

    (3) The borrowing member shall, in every year, reserve such local revenues as are required to ensure that all amounts authorized to be paid to the First Nations Finance Authority in the year are actually paid in that year.

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