The purpose of the MFA is to provided financing and investing opportunities to local governments and regional hospital districts in BC. We are legislated by the Municipal Finance Authority Act and subject to the application of other statues; notable legislation that integrates with the MFA is the Local Government Act, the Community Charter, and the South Coast British Columbia Transportation Authority Act.
Long-term borrowing: Fixed rate term financing for amortization periods of 5 to 30 years. Typically clients can secure long-term rates for their loans in the spring and fall of each year.
Short-term borrowing: Floating rate financing for short-term capital needs up to a maximum of 5 years or for bridge funding in advance of revenue collections or interim financing for those awaiting long term borrowing.
Equipment Financing: Floating rate financing of equipment for terms up to 5 years.
Pooled Investments: Fixed income mutual funds offering investing opportunity for operating cash or surplus funds. Three vehicles (Money Market Fund, Intermediate Fund, and Bond Fund) managed by professional investment firm; Phillips, Hager & North Investment Management Ltd.
Municipal Investment Plan: Portal for municipal employees and elected officials to access self-directed investment opportunities (RRSP, TFSA, and Non Registered Funds) at reduced management fees.
Pooled High Interest Savings Account Program: Earn a preferred rate on liquid deposits without terms or fees in Canadian Chartered Schedule I Banks