Special Accounts Appropriation and Control Act

Special Accounts Appropriation and Control Act 436 1996 1527898742/96436/tlc96436_f E4tlc96436 Definitions 1 In this Act: special account means an account in the general fund of the consolidated revenue fund where the authorization to expend money from the account is located in an Act other than a Supply Act; Treasury Board means the Treasury Board continued by the Financial Administration Act . Creation of special accounts from certain funds 2 On March 31, 1988 the assets and liabilities of the following funds are transferred to and become special accounts in the general fund of the consolidated revenue fund: Farm Income Assurance Fund; First Citizens Fund; Forest Stand Management Fund; Habitat Conservation Fund; Physical Fitness and Amateur Sports Fund. Crown land account 3 The Lieutenant Governor in Council may transfer any amount of the balance in the Crown Land special account to the general fund of the consolidated revenue fund. First Citizens Fund 4 1 The minister may pay or lend or provide loan guarantees to an amount equal to the interest calculated on and attributable to the balance in the First Citizens Fund special account for the purposes of advancing and expanding the culture, education and economic opportunities and the position of persons of North American aboriginal ancestry who are ordinarily resident in British Columbia. 2 The balance in the First Citizens Fund special account is increased by $2 million effective on April 1, 2001. 3 The balance of the First Citizens Fund special account is increased by a $9 million effective on a day before April 1, 2002, as determined by Treasury Board, and b an additional $9 million effective on April 1, 2002 and effective each subsequent April 1, up to and including April 1, 2004. Forest Stand Management Fund 5 1 Amounts paid into the Forest Stand Management Fund special account a under i section 30 or 108.6 of the Forest and Range Practices Act , or ii section 71 of the Forest Practices Code of British Columbia Act and earnings calculated and attributable to those amounts form a sub-account, called the Silviculture Payments Sub-account, b under i section 74.8 of the Forest and Range Practices Act , ii section 117.2 of the Forest Practices Code of British Columbia Act , or iii section 32 of the Wildfire Act and earnings calculated and attributable to those amounts form a sub-account, called the Environmental Remediation Sub-account, and c under section 105.3 of the Forest Act and earnings calculated and attributable to those amounts form a sub-account, called the Small Scale Salvage Sub-account. 2 Despite section 21 (3) of the Financial Administration Act , the minister responsible for the administration of the Ministry of Forests and Range Act may expend amounts out of a the Silviculture Payments Sub-account for a purpose related to the following: i to establish a free growing stand under section 30 of the Forest and Range Practices Act ; ii to establish a free growing stand that was required to be established under an obligation that is relieved under section 108 (2) (a) of the Forest and Range Practices Act ; iii to establish a free growing stand in an area of catastrophic damage within the meaning of the Forest and Range Practices Act ; iv to carry out a silviculture prescription assumed under section 71 of the Forest Practices Code of British Columbia Act before the repeal of that section; v for expenses directly or indirectly related to a purpose referred to in any of subparagraphs (i) to (iv), b the Environmental Remediation Sub-account for a purpose related to the following: i to carry out a remedial action, as defined in section 70.1 of the Forest and Range Practices Act , in relation to a contravention of the Acts, as defined in section 58.1 of the Forest and Range Practices Act ; i.1 to carry out, under section 74.4 (1) (b) of the Forest and Range Practices Act , actions referred to in section 51 (7), 54 (2) or 57 (4) of that Act; ii to remedy environmental damage to Crown land; iii for expenses directly or indirectly related to a purpose referred to in subparagraph (i), (i.1) or (ii); iv to defray the costs of investigating contraventions of the Forest Act , the Range Act , the Forest and Range Practices Act , the Wildfire Act , the Forest Practices Code of British Columbia Act or a prescribed Act, or the regulations and standards made under those Acts; v to defray fire suppression costs relating to contraventions of the Forest Practices Code of British Columbia Act or the regulations or standards made under that Act if a penalty has been levied under that Act in respect of the contravention; vi to defray fire control costs relating to contraventions of the Wildfire Act or the regulations under that Act, if a penalty has been levied under that Act in respect of the contravention, and c the Small Scale Salvage Sub-account i for a purpose related to the establishment of a free growing stand under the Forest and Range Practices Act , in respect of agreements under the Forest Act for which the rate of stumpage imposed includes a portion for small scale salvage costs, ii for expenses directly or indirectly related to that purpose, and iii to defray costs of administration and development in respect of the agreements referred to in subparagraph (i). 2.1 The amount expended under subsection (2) (b) (v) and (vi) must not exceed the amount in the Environmental Remediation Sub-account that is attributable to penalties levied under a the Forest Practices Code of British Columbia Act and earnings calculated and attributable to those penalties, in respect of the contraventions referred to in subsection (2) (b) (v), and b the Wildfire Act and earnings calculated and attributable to those penalties, in respect of the contraventions referred to in subsection (2) (b) (vi). 2.2 A sub-account, called the Off-Road Vehicle Trail Management Sub-account, of the Forest Stand Management Fund special account is established consisting of the following: a a percentage, prescribed by Treasury Board, of the amount paid into the consolidated revenue fund under section 36 of the Off-Road Vehicle Act ; b money accepted by the minister under subsection (2.3) and money from the disposition of securities or other property accepted by the minister under that subsection; c all earnings calculated and attributable to the balance in the sub-account. 2.3 The minister may accept, on behalf of the government, money, securities or other prescribed property as contributions to the Off-Road Vehicle Trail Management Sub-account. 2.4 The minister may dispose of securities or other property accepted under subsection (2.3). 2.5 Despite section 21 (3) of the Financial Administration Act , the minister responsible for the administration of section 56 of the Forest and Range Practices Act may expend amounts out of the Off-Road Vehicle Trail Management Sub-account for purposes related to any of the following: a construction and maintenance of off-road vehicle trails; b support and promotion of the safe and responsible use or operation of off-road vehicles; c expenses directly or indirectly related to the purposes referred to in paragraphs (a) and (b) of this subsection. 3 Amounts received as contributions to the Forest Stand Management Fund, other than amounts referred to in subsections (1) and (2.2), a under an appropriation, b from the government of Canada, municipalities, the forest industry, forest sector unions and others, and c under the levy imposed under section 1 of the Forest Stand Management Fund Act , must be paid into the Forest Stand Management Fund special account and those amounts and the earnings calculated and attributable to those amounts form a sub-account called the Forest and Range Sub-account. 4 Despite section 21 (3) of the Financial Administration Act , the minister responsible for the administration of the Ministry of Forests and Range Act may expend amounts out of the Forest and Range Sub-account for a purpose related to a the management and enhancement of forests, forest lands and range lands, and b employment and training opportunities related to paragraph (a). Repealed 6 [Repealed 2005-3-6.] Repealed 7 [Repealed 2012-10-16.] Physical Fitness and Amateur Sports Fund 8 1 The Minister of Finance may pay, in amounts he or she considers necessary or advisable, any interest calculated on and attributable to the balance in the account with the purpose of furthering and encouraging the physical fitness of residents of British Columbia and their participation in amateur sports. 2 The balance of the Physical Fitness and Amateur Sports Fund special account is increased by a $5.5 million effective on a day before April 1, 2002, as determined by Treasury Board, and b an additional $5.5 million effective on April 1, 2002 and effective each subsequent April 1, up to and including April 1, 2004. BC Arts and Culture Endowment 9 1 In this section: Arts Council means the British Columbia Arts Council continued under the Arts Council Act ; works of art includes visual, media, literary and performing arts. 2 The BC Arts and Culture Endowment special account is established consisting of the Arts Legacy Fund Sub-account continued under subsection (3) and the BC150 Cultural Fund Sub-account established under subsection (4). 3 The Olympic Arts Fund special account is continued as the Arts Legacy Fund Sub-account consisting of the following: a the $20 million in the Olympic Arts Fund special account on the day before this subsection comes into force, excluding amounts attributed as interest; b interest attributed to the Olympic Arts Fund special account and not paid out before this subsection comes into force; c interest calculated on and attributable to the balance in the Arts Legacy Fund Sub-account. 4 The BC150 Cultural Fund Sub-account is established consisting of the following: a $150 million that the minister transfers from a vote, as defined in the Financial Administration Act ; b all earnings of the sub-account, net of any associated investment fees and expenses; c money accepted by the minister under subsection (6) and money from the disposition of securities or other property accepted by the minister under that subsection. 5 Despite section 21 (3) of the Financial Administration Act , the minister may pay out of the BC Arts and Culture Endowment special account as follows: a from the Arts Legacy Fund Sub-account, amounts referred to in subsection (3) (b) and (c) of this section to support the creation, development or presentation of works of art at events or venues the minister considers will provide significant exposure of those works of art; b from the BC150 Cultural Fund Sub-account, amounts referred to in subsection (4) (b) of this section on the recommendation and for the purposes of the Arts Council. 6 The minister, on behalf of the government, may accept money, securities or other prescribed property as contributions to the BC150 Cultural Fund. 7 The minister may dispose of securities or other property accepted under subsection (6). Provincial Home Acquisition Wind Up special account 9.1 1 A special account to be known as the "Provincial Home Acquisition Wind Up special account" is established. 2 The special account established under subsection (1) consists of an initial balance of $15 million. 3 Despite section 21 (3) of the Financial Administration Act , the Minister of Finance may pay out of the special account established under subsection (1) funds for the purpose of a the administration of transactions and contracts entered into under the Home Conversion and Leasehold Loan Act , the Home Mortgage Assistance Program Act , the Home Purchase Assistance Act , the Homeowner Interest Assistance Act and the Provincial Home Acquisition Act before the repeal of those Acts and for other related payments, and b payments necessary or advisable for the wind up of the programs under those Acts. 4 If the Minister of Finance determines that a part of the balance of the special account established under subsection (1) is no longer necessary to carry out the purposes of the special account, the Minister of Finance may reduce the balance in the special account by that part. Production Insurance Account 9.2 1 In this section: contract of insurance has the same meaning as in the Continuous Crop Insurance Regulation, B.C. Reg. 546/95; special account means the Production Insurance Account established under subsection (2). 2 A special account to be known as the Production Insurance Account is established. 3 The special account consists of the following: a an opening balance, being the closing balance in the Crop Insurance Fund within the meaning of the Continuous Crop Insurance Regulation, B.C. Reg. 546/95, on March 31, 2005; b all premiums and other income received by the government under a contract of insurance; c all premiums received by the government from the government of Canada under an agreement made under section 1 of the Insurance for Crops Act ; d all indemnities payable by, and received by the government from, reinsurers of contracts of insurance; e any money payable by the government for premiums that is transferred from a vote, as defined in the Financial Administration Act ; f any interest credited to the special account under subsection (5). 4 Despite section 21 (3) of the Financial Administration Act , the minister may pay money out of the special account for any of the following purposes: a indemnities and other amounts payable by the government under contracts of insurance; b money payable by the government to repay the government of Canada, under an agreement made under section 1 of the Insurance for Crops Act , for any money paid or advanced by the government of Canada for the payment of indemnities under contracts of insurance; c transfers to the general account of the consolidated revenue fund of money to repay to the government payments or advances made by the government from the general account for the payment of indemnities under contracts of insurance; d premiums payable by the government for reinsurance in relation to contracts of insurance. 5 The government must, on 2 occasions in each fiscal year, as that term is defined in the Financial Administration Act , credit interest to the special account so that the total amount of interest credited for that year equals the interest calculated under subsection (6) of this section. 6 Interest under subsection (5) must be calculated a for each calendar month in the fiscal year, b at a rate determined by the government, and c on the minimum cash balance held in the special account in that month. Housing Endowment Fund special account 9.3 1 A special account, to be known as the Housing Endowment Fund special account, is established. 2 The special account consists of a an opening balance of $250 million, effective April 1, 2007, and b all earnings of the account, net of any associated investment fees and expenses, that have not been paid out under subsection (3). 3 Despite section 21 (3) of the Financial Administration Act , the minister responsible for the administration of this section may pay out of the special account earnings of the special account, for purposes related to any of the following: a innovation in the provision of affordable, social or supportive housing; b innovation in housing development or management; c acquisition, development or operation of affordable, social or supportive housing. British Columbia Training and Education Savings Program special account 9.4 1 In this section, designated person means a person designated by the minister responsible for the administration of the Child, Family and Community Service Act , other than any of the following: a the government; b a government body as defined in the Financial Administration Act ; c an employee or officer of the government; d an employee or officer of a government body as defined in the Financial Administration Act . 2 The Children's Education Fund special account is continued as the British Columbia Training and Education Savings Program special account, consisting of the following: a for certainty, an initial balance of the funds that are in the Children's Education Fund special account on the day before this section comes into force; b for each calendar year from 2014 to 2020, effective April 1 of the year, an additional amount calculated by multiplying $1 000 by the total of i the estimated number of children who will be born in British Columbia in that year, and ii the estimated number of children who will be adopted in British Columbia in that year who were born outside British Columbia on or after January 1, 2014; c all earnings of the special account net of any associated investment fees and expenses; d repayments to the government of financial assistance under the British Columbia Training and Education Savings Program. 3 The estimates required for the purposes of subsection (2) (b) are to be determined by the minister responsible for the administration of the Financial Administration Act based on information provided by the director under the Statistics Act . 4 The minister responsible for the administration of this section may do one or more of the following: a enter into an agreement with the government of Canada, or an agency of the government of Canada, respecting the administration, or part of the administration, of the British Columbia Training and Education Savings Program; b delegate to the government of Canada, or an agency of the government of Canada, a matter in respect of the administration, or part of the administration, of the British Columbia Training and Education Savings Program; c confer a discretion on the government of Canada, or an agency of the government of Canada, in respect of the administration, or part of the administration, of the British Columbia Training and Education Savings Program. 5 Despite section 21 (3) of the Financial Administration Act , the minister responsible for the administration of this section may pay amounts out of the special account for the purposes of a providing financial assistance in accordance with the regulations in respect of children born on or after January 1, 2006 who are eligible in accordance with the regulations, b paying expenses related to the British Columbia Training and Education Savings Program, and c covering any investment losses of the special account. 6 Despite section 21 (3) of the Financial Administration Act , the minister responsible for the administration of this section a may, on the request of the minister responsible for the administration of the Child, Family and Community Service Act , pay out of the special account to one or more designated persons an amount determined in accordance with the regulations, for the purposes of i providing funding to assist a prescribed class of persons to pursue training and education described in an agreement under subsection (8) to the extent authorized by an agreement under that subsection, and ii paying expenses related to the purpose described in subparagraph (i) to the extent authorized by an agreement under subsection (8), and b must, if there is more than one designated person, pay any amount under paragraph (a) to the designated persons in the proportion requested by the minister responsible for the administration of the Child, Family and Community Service Act . 7 For the purposes of subsection (5) (a), an application for financial assistance for individual children must a be in a form and filed in a manner approved by the minister responsible for the administration of this section, and b include i prescribed information, and ii any other information required by the minister responsible for the administration of this section. 8 For the purposes of subsection (6), the minister responsible for the administration of the Child, Family and Community Service Act may enter into an agreement with a designated person respecting a any matter referred to in subsection (6) (a), b the administration of the funding provided under subsection (6) (a) (i), and c any other matter that minister considers necessary. 9 The Lieutenant Governor in Council may make regulations for the purposes of subsection (5), including, without limitation, regulations doing one or more of the following: a prescribing eligibility requirements; b prescribing amounts of financial assistance; c prescribing the manner in which financial assistance is provided; d respecting applications for financial assistance, including prescribing information required to be included in applications; e authorizing the minister responsible for the administration of this section to extend a deadline that may be prescribed under paragraph (a) or (d) of this subsection; f authorizing the indirect collection of personal information necessary to determine a child's eligibility for financial assistance; g prescribing conditions under which financial assistance is provided, or authorizing the minister responsible for the administration of this section to establish conditions under which financial assistance is provided; h respecting repayments to the government of financial assistance under the British Columbia Training and Education Savings Program, including requiring that repayments be made and prescribing circumstances in which repayments must be made; i providing that payments from the special account are not subject to any process of garnishment, attachment, execution or seizure by a creditor. 10 The Lieutenant Governor in Council may make regulations for the purposes of subsection (6) (a), including, without limitation, regulations doing one or both of the following: a prescribing classes of persons; b respecting the determination of the amount to be paid to one or more designated persons, including, without limitation, the manner in which the amount is determined and the use of information provided by the minister responsible for the administration of the Child, Family and Community Service Act . 11 A person has no right of action and must not commence or maintain proceedings, as a result of amendments made by B.C. Reg. 132/2013 to the eligibility requirements for financial assistance from the British Columbia Training and Education Savings Program, in respect of any representations that were made or may have been made or any trusts that were created or may have been created in respect of the Children's Education Fund, a to claim damages or compensation of any kind from the government or a governmental body, or b to obtain a declaration that damages or compensation is payable by the government or a governmental body. Innovative Clean Energy Fund special account 9.5 1 A special account, to be known as the Innovative Clean Energy Fund special account, is established. 2 The special account consists of the following: a all amounts credited to the special account before August 1, 2010; b an amount, for each quarter of a fiscal year, that is equal to 1/4 of the amount estimated under section 229.1 (c) of the Provincial Sales Tax Act for the fiscal year; c any other amounts received by the government for payment into the special account. 3 Despite section 21 (3) of the Financial Administration Act , the minister charged with the administration of this section may pay money out of the special account for the following purposes: a for projects, programs or initiatives that minister considers will i address specific British Columbia energy issues, or related environmental issues, that have been identified by the government, and ii do one or more of the following: A support the development or adoption of pre-commercial clean energy technologies, or of clean energy technologies not currently used in British Columbia; B reduce the environmental impact of the use, production, generation, storage, transmission, delivery, provision or conversion of energy; C demonstrate or promote British Columbia clean energy technologies that have good potential for market demand in other jurisdictions; D reduce the cost or improve the reliability of clean energy sources or associated technology; E support energy efficiency or conservation; b with the approval of the Minister of Finance, for the administration of the special account. 4 [Repealed 2013-1-117.] Park Enhancement Fund 9.6 1 In this section: conservancy has the same meaning as in the Park Act ; park has the same meaning as in the Park Act ; protected area means a a park, recreation area or conservancy, b an area protected under the Environment and Land Use Act , the establishing order for which provides that i the area is to be administered by the minister, and ii section 15 of the Park Act applies in the area, or c an ecological reserve established under the Ecological Reserve Act or the Protected Areas of British Columbia Act ; protected area stumpage means stumpage payable to the government under the Forest Act for a timber described in section 15 of the Park Act , or b timber from a protected area described in paragraph (b) of the definition of "protected area"; recreation area has the same meaning as in the Park Act . 2 A special account, to be known as the Park Enhancement Fund special account, is established. 3 The special account consists of the following amounts: a an initial balance of $100 000; a.1 money received by the minister as payment of an administrative penalty imposed under section 6.2 of the Ecological Reserve Act or section 27.1 of the Park Act ; b money received by the minister from the sale or other disposition under section 29.1 (1) (a) or (b) of the Park Act of maps, informational material, services or promotional or educational products; c money received by the minister from the sale or other disposition under section 29.1 (1) (c) of the Park Act of advertising space; d subject to subsection (5) of this section, money accepted by the minister under section 27 of the Park Act or money from the disposition of gifts or bequests, other than land, accepted by the minister under that section; e money received by the minister under agreements authorized under subsection (6) of this section; f protected area stumpage; g interest calculated on and attributable to the balance in the special account. 4 Despite section 21 (3) of the Financial Administration Act , the minister may pay amounts out of the special account for any of the following in respect of protected areas: a informational, educational and interpretive programs delivered within or outside protected areas; b natural and cultural resource assessment, research and restoration; c construction, repair and maintenance supporting conservation or recreational, cultural or heritage values of protected areas; d volunteer program support; e regional multi-jurisdictional planning or planning projects related to conservation or recreational management of protected areas; f development, production or acquisition of maps, informational material, services or promotional or educational products referred to in section 29.1 of the Park Act ; g payments required to be made by the minister under agreements authorized under subsection (6) of this section; h subject to subsection (7), defraying the costs of investigating and remedying contraventions and failures in relation to which an administrative penalty may be imposed under section 6.2 of the Ecological Reserve Act or section 27.1 of the Park Act . 5 Subsection (3) (d) does not apply to a gift or bequest, or proceeds from the disposition of a gift or bequest, a that cannot be paid out under subsection (4) consistently with the terms of the gift or bequest, b that is accepted by the minister subject to a trust, or c except with the prior approval of the chair of the Treasury Board, that is from a corporation or organization within the government reporting entity as defined in the Budget Transparency and Accountability Act . 6 Without limiting section 4.1 of the Park Act , the minister may enter into agreements with any person to raise money for the special account a if the subject matter or purpose of the agreement is a matter or purpose referred to in subsection (4) (a) to (f), or b authorizing the transfer or use of a copyright or other intellectual property owned by or licensed to the government in i images or audio records of protected areas, or ii property developed or acquired by the government for promotional, informational or educational purposes in respect of protected areas. 7 An amount paid under subsection (4) (h) must not exceed the amount in the special account that is attributable to administrative penalties imposed under section 6.2 of the Ecological Reserve Act and section 27.1 of the Park Act . Housing Priority Initiatives special account 9.7 0.1 In this section, specified area has the same meaning as in section 1 of the Speculation and Vacancy Tax Act . 1 A special account, to be known as the Housing Priority Initiatives special account, is established. 2 The special account consists of the following: a an initial balance of $75 million; b amounts transferred to the special account under subsection (3); c amounts received by the government as repayments of loans referred to in subsection (4) (e), including any interest paid on those loans; d any other amounts received by the government in relation to activities undertaken under subsection (4); d.1 amounts received by the government under the Speculation and Vacancy Tax Act ; d.2 amounts received by the government under the Residential Property (Short-Term Holding) Profit Tax Act ; e any other amounts received by the government for payment into the special account; f interest attributed to the special account in the amount calculated in accordance with the regulations made under subsection (8). 3 Treasury Board may direct that an amount in respect of amounts received by the government under the Property Transfer Tax Act be transferred to the special account. 4 Despite sections 21 (3) and 45 (1) of the Financial Administration Act but subject to subsection (4.1) of this section and the prior approval of Treasury Board, the Minister of Finance may pay money out of the special account for the following purposes: a acquiring, constructing, maintaining or renovating housing or shelter; b acquiring or improving land used for or intended to be used for housing or shelter; c supporting the acquisition, construction, maintenance, renovation or retention of housing or shelter or the acquisition or improvement of land intended to be used for housing or shelter; d supporting housing, rental or shelter programs; e making loans to persons in relation to the acquisition, construction, maintenance, renovation or retention of housing or shelter or the acquisition or improvement of land intended to be used for housing or shelter; f administering, continuing, exchanging and disposing of loans made under paragraph (e); g paying amounts required to be paid by the government in relation to guarantees given under subsection (5) of this section; h paying expenses related to the administration or disposal of housing, shelter or land acquired with money paid out of the special account; i paying the expenses of administering the special account or any other expenses related to administering other activities undertaken under this subsection. 4.1 An amount received by the government under the Speculation and Vacancy Tax Act in respect of a regional district that includes a specified area may only be paid out of the special account under subsection (4) if a the purpose for which the amount is to be paid relates to a housing, shelter or rental initiative in or for a specified area that is part of the regional district, and b the total of all amounts paid in accordance with this subsection in respect of all specified areas that are part of the regional district does not exceed the total of all amounts received by the government under the Speculation and Vacancy Tax Act in respect of that regional district. 5 Despite section 72 (3) of the Financial Administration Act , the Minister of Finance may, on behalf of the government, guarantee the repayment of all or part of a loan by a person if the loan is in relation to the acquisition, construction, maintenance, renovation or retention of housing or shelter or the acquisition or improvement of land intended to be used for housing or shelter. 6 A guarantee may only be given under subsection (5) if prior approval of Treasury Board has been obtained. 7 If a vote, as defined in the Financial Administration Act , authorizes expenditures for any of the purposes referred to in subsection (4), a the vote is deemed to provide that costs may be recovered from the special account, and b for the purposes of section 23 (3) (b) of the Financial Administration Act , the amount recovered from the special account is deemed to be an estimated recovery set out in the details related to that appropriation. 8 For the purposes of subsection (2) (f), Treasury Board may make regulations prescribing the balance on which interest is calculated, the interest rate and the manner of calculating interest. First Nations Equity Financing special account 9.8 1 A special account, to be known as the First Nations Equity Financing special account, is established. 2 The special account consists of the following: a an initial balance of $10 million; b amounts transferred to the special account under subsection (3); c amounts transferred from a vote, as defined in the Financial Administration Act ; d amounts recovered by the government in relation to amounts paid under subsection (5) (a), (b) or (c); e amounts received by the government from the government of Canada for any of the purposes described in subsection (5) (a) to (c); f any other amounts received by the government for payment into the special account. 3 Treasury Board may direct that an amount in respect of amounts received by the government and paid into the consolidated revenue fund be transferred to the special account. 4 Treasury Board may direct that the balance of the special account be reduced by an amount equal to any part of the balance that Treasury Board considers is not required for the purposes of the special account. 5 Despite section 21 (3) of the Financial Administration Act but subject to the prior approval of Treasury Board, the Minister of Finance may pay money out of the special account for the following purposes: a providing grants to assist first nations in participating in processes intended for the acquisition of equity interests in business organizations involved in projects in British Columbia; b providing grants to reduce the amounts provided under the loans that are the subject of guarantees given under subsection (6); c paying amounts required to be paid by the government in relation to guarantees given under subsection (6); d exercising the government's rights under a guarantee given under subsection (6); e paying the expenses of administering the special account or any other expenses related to administering other activities undertaken under this subsection. 6 Despite section 72 (3) of the Financial Administration Act , the Minister of Finance may, on behalf of the government, guarantee the repayment of all or part of a loan by a person if the loan is to assist first nations in acquiring equity interests in business organizations involved in projects in British Columbia. 7 A guarantee may only be given under subsection (6) if prior approval of Treasury Board has been obtained. 8 The total outstanding principal amount of loans guaranteed under subsection (6) must not exceed the amount prescribed under subsection (9). 9 The Lieutenant Governor in Council may make regulations prescribing an amount for the purpose of subsection (8). British Columbia Strategic Investments special account 9.9 1 In this section: eligible recipient means a person who satisfies the qualifications established by regulation under subsection (14); strategic investment means a prescribed strategic investment. 2 A special account, to be known as the British Columbia Strategic Investments special account, is established. 3 The special account consists of the following: a an initial balance of $400 million; b amounts transferred to the special account under subsection (4); c amounts transferred from a vote, as defined in the Financial Administration Act ; d amounts received or recovered by the government in relation to amounts paid for any of the purposes described in subsection (6); e amounts received by the government from the government of Canada for any of the purposes described in subsection (6); f amounts received by the government from a person in respect of fees or charges set under subsection (10); g any other amounts received by the government for payment into the special account. 4 Treasury Board may direct that an amount in respect of amounts received by the government and paid into the consolidated revenue fund be transferred to the special account. 5 Treasury Board may direct that the balance of the special account be reduced by an amount equal to any part of the balance that Treasury Board considers is not required for the purposes of the special account. 6 Despite sections 21 (3) and 45 (1) of the Financial Administration Act , the minister may pay money out of the special account for the following purposes: a providing grants to eligible recipients in respect of strategic investments; b making loans to eligible recipients in respect of strategic investments; c acquiring one or more of the following in respect of strategic investments: i equity interests in eligible recipients; ii rights to acquire equity interests in eligible recipients; iii other financial interests; iv rights to acquire other financial interests; d administering, continuing, exchanging and disposing of i a loan made under paragraph (b), or ii an equity interest, financial interest or right acquired under paragraph (c); e paying amounts required to be paid by the government in relation to guarantees given under subsection (8); f exercising the government's rights under any of the following: i a grant referred to in paragraph (a); ii a loan referred to in paragraph (b); iii an equity interest, financial interest or right referred to in paragraph (c); iv a loan, equity interest, financial interest or right that was exchanged for another loan, equity interest, financial interest or right, as referred to in paragraph (d); v a guarantee referred to in subsection (8); g paying the expenses of administering the special account or any other expenses related to administering other activities undertaken under this subsection. 7 An amount may only be paid out of the special account under subsection (6) if prior approval of Treasury Board has been obtained. 8 Despite section 72 (3) of the Financial Administration Act , the minister may, on behalf of the government, guarantee the repayment of all or part of a loan by an eligible recipient if the loan is in respect of a strategic investment. 9 A guarantee may only be given under subsection (8) if prior approval of Treasury Board and the Minister of Finance has been obtained. 10 With the prior approval of Treasury Board, the minister may set fees or charges to be paid to the government by a person in respect of a a grant, loan, equity interest, financial interest or right referred to in subsection (6), or b a guarantee referred to in subsection (8). 11 In setting fees or charges under subsection (10), the minister may set different fees or charges for different eligible recipients, strategic investments, purposes or things, or different classes of eligible recipients, strategic investments, purposes or things. 12 Treasury Board may direct the minister to exchange or dispose of a loan, equity interest, financial interest or right referred to in subsection (6). 13 The total outstanding principal amount of loans guaranteed under subsection (8) must not exceed the amount prescribed under subsection (14). 14 Treasury Board may make regulations as follows: a establishing qualifications for a person to be an eligible recipient; b prescribing a project or activity in British Columbia as a strategic investment; c prescribing types of grants, loans, equity interests, financial interests or rights permitted under subsection (6); d establishing terms and conditions under which an amount is paid under subsection (6) (a), (b) or (c); e establishing terms and conditions under which a guarantee may be given under subsection (8); f prescribing an amount for the purpose of subsection (13); g requiring the minister to have the approval of the Minister of Finance or another person before the minister may pay money out of the special account; h respecting reporting on activities of the special account. 15 In making regulations under this section, Treasury Board may make different regulations for different eligible recipients, strategic investments, purposes or things, or different classes of eligible recipients, strategic investments, purposes or things. 16 For the purposes of this section, a money paid out of the consolidated revenue fund on or after April 1, 2018 and on or before March 31, 2026 further to an obligation under an agreement designated under subsection (17) is deemed to have been paid under subsection (6) with the prior approval of Treasury Board, b the recipient of the money paid or the person who will be the recipient of money that may be payable by the government under an agreement designated under subsection (17) is deemed to be an eligible recipient, and c the purpose for which that money was paid or may be payable is deemed to be in respect of a strategic investment. 17 For the purposes of subsection (16), Treasury Board may designate, on or before June 30, 2026, an agreement a entered into by the Minister of Jobs and Economic Growth, or that minister under a former title, on behalf of the government, and b entered into on or after April 1, 2018 and on or before March 31, 2026. 18 For certainty, subsection (16) does not require an adjustment to the balance of the special account in respect of any money paid on or before March 31, 2026. Power to make regulations 10 1 The Lieutenant Governor in Council may make regulations referred to in section 41 of the Interpretation Act . 2 Without limiting subsection (1), the Lieutenant Governor in Council may make regulations as follows: a) and (b [Repealed 2012-10-16.] c prescribing property for the purposes of sections 5 (2.3) [Forest Stand Management Fund] and 9 (6) [contributions to BC150 Cultural Fund] ; d prescribing Acts for the purpose of section 5 (2) (b) (iv) [Environmental Remediation Sub-account expenditures] . Regulations — Treasury Board 11 Treasury Board may make regulations prescribing a percentage for the purposes of section 5 (2.2) (a).