Select Canadian port authorities will now be able to obtain private financing to support development after Bill C-23 amending the Canada Marine Act recently received royal assent June 18.
As reported in BIV 963, April 8-14, "Feds to unfetter port financing", the bill altered the operating framework for Canada Port Authorities (CPAs) by modifying the current borrowing regulations, providing for access to contribution funding and clarifying some aspects of governance.
"These amendments promote financial flexibility for the marine transportation sector, consider the long-term role of ports in their communities and foster partnerships with other levels of government," said Lawrence Cannon, minister of transport, infrastructure and communities.
The amendments include provisions regarding amalgamation of CPAs and introduce new provisions to make the enforcement of minor violations easier to manage as well as proceeding on policy initiatives to modernize the National Marine Policy, streamline the process for borrowing limits and enhance the flexibility in management of port lands.
"Overall, the amendments and complementary policy initiatives help establish a framework for CPAs that promotes the development of necessary infrastructure, maximizes operating efficiencies and fosters a more flexible, commercially based financial environment with increased accountability," according to the federal government.