Antigua and Barbuda (Development Loan) Act 2002

Link to law: http://laws.gov.ag/acts/2002/a2002-7.pdf

and Barbuda (Development 1 ANTIGUA
Loan) Act, 2002. AND

BARBUDA

[ L.S. ]

I Assent,

James B. Carlisle,
Governor-General.

28th May, 2002.

ANTIGUA AND BARBUDA

No. 7 of 2002

AN ACT to authorize the Minister of Finance to borrow the
sums of moneys not exceeding an aggregate sum of One
Hundred and Twenty Million Dollars in United States
Currency or the equivalent in other currencies for the
purpose of financing development projects in Antigua and
Barbuda, debt service charges and matters incidental
thereto.

[ 6th June, 2002 ]

ENACTED by the Parliament of Antigua and Barbuda as
follows -

1. This Act may be cited as the Antigua and Barbuda (De- She* title.

velopment Loan) Act, 2002.

2. In this Act, the expression "the Minister" means the Min- Intepretation.

ister charged with the responsibility for Finance.

3. Notwithstanding the provisions of any other Act, the Min- Minister authorised
ister is hereby authorised in any one year to borrow sums of to

$1 20,000,000
money not exceeding an aggregate sum of One Hundred and in United States
Twenty Million Dollars in .the currency of the United States of Currency or
America or the equivalent in other currencies on such terms equivalent.

ANTIGUA 2 The Antigua and Barbuda (Development No. 7 of 2002.
AND Loan) Act, 2002.

BARBUDA

and conditions as may be agreed upon between the Minister
and each of the lenders for the aggregate sum.

Application of 4. The money borrowed under the authority of this Act shall
be appropriated and applied to the purposes specified in the
Schedule to this Act.

Power to issue 5. The Minister may issue such promissory notes or other
instruments. instruments as may be necessary for the purpose of giving ef-

fect to the terms of any agreement entered into by him with the
lender in respect of the money borrowed under the authority of
this Act.

Principal and 6 . The principal sum borrowed under the authority of this
interest to be Act and the interest thereon are hereby charged upon and shall
charged on the
Consolidated

be payable out of the Consolidated Fund.

Fund.

SCHEDULE

The money borrowed under the authority of this Act shall when approved by
Cabinet from time to time, be applied to development projects in Antigua and
Barbuda, including but not limited to feasibility studies, project evaluation and
preparation, construction of projects, and any other matter or matters incidental
thereto.

Passed the House of Representatives Passed the Senate this 29th day
this 1 lth day of April, 2002. of April, 2002.

B. Harris,
Speaker.

M. Percival,
President.

S. Walker, S. Walker,
Clerk to the House of Representatives. Clerk to the Senate.

Printed at the Government Printing Office, Antigua and Barbuda,
by Donovan Southwell, Government Printer

- By Authority, 2002.
800-6.02 [ Price$l.55 ]
Read Entire Law on laws.gov.ag