BILL 8

Rural Economic Development Fund Act

Her Majesty, by and with the advice and consent of the Legislative Assembly of New Brunswick, enacts as follows:

1 There is hereby established a fund to be known as the Rural Economic Development Fund.

2 The Minister responsible for the Regional Development Corporation shall be responsible for the administration of the Rural Economic Development Fund.

3 The Rural Economic Development Fund is established to support projects that fall into one or more of the following categories:

(a) economic diversification;

(b) research and development;

(c) training and development; and

(d) strategic infrastructure.

4 Payments made for the purposes of section 3 shall be a charge upon and payable out of the Rural Economic Development Fund.

5(1) The Minister responsible for the Regional Development Corporation shall certify to the Minister of Finance the amounts of payments made under section 3.

5(2) Where the Minister responsible for the Regional Development Corporation certifies the amounts of the payments made, the Minister of Finance may rely on the amounts so certified.

6 This act comes into force on a day to be fixed by proclamation.