Antigua Commercial Bank (Loan) Act 2001

Link to law: http://laws.gov.ag/acts/2001/a2001-3.pdf

No. 3 of 2001. The Antigua Commercial Bank 1 ANTIGUA
(Loan) Act, 2001. AND

BARBUDA

[ L.S. ]
I Assent,

James B. Carlisle,
Governor-General.

15th March, 2001.

ANTIGUA AND BARBUDA

No. 3 of 2001

AN ACT to authorise the Minister of Finance to borrow the
sum of seventeen million, eight hundred and forty thousand
dollars in Eastern Caribbean Currency or the equivalent in
other currencies to finance recurrent expenditure, certain
overdraft and credit facilities and contingent liabilities of
the Government of Antigua and Barbuda.

[ 19th April, 2001 ]

ENACTED by the Parliament of Antigua and Barbuda as
follows:

1. This Act may be cited as the Antigua Commercial Bank short title
(Loan) Act, 200 1.

2. (1) Notwithstanding the provisions of any Act, the Minis- Minister
ter is authorised to borrow the sum of seventeen million, eight authorised to

borrow hundred and forty thousand dollars in Eastern Caribbean Cur- S17,840,00 in
rency or the equivalent in other currencies on the terms and E~~~~~ caribbean
conditions agreed on betweenthe Minister and the Antigua Com- Currency.
mercial Bank.

ANTIGUA 2 The Antigua Commercial Bank No. 3 of 2001.
AND (Loan) Act, 2001.

BARBUDA

(2) The Minister may exercise his power under subsection
(1) in a manner that allows separate sums of money to be bor-
rowed over a period of time, provided that the separate sums in
aggregate do not exceed the sum of seventeen million, eight
hundred and forty thousand dollars in Eastern Caribbean Cur-
rency.

Application of 3. The sum of money borrowed under the authority of this
money borrowed. Act were approved by Cabinet and appropriated and applied to

finance the recurrent expenditure, including overdraft facilities,
debt service charge of the Government of Antigua and Barbuda
and outstanding overdraft facility on behalf of the Barbuda Coun-
cil.

Power to issue 4. The Minister may issue such promissory notes or other
instruments. instruments as may be necessary for the purpose of giving effect

to the terms of any agreement entered into by him with the ten-
der in respect of the sum of money borrowed under the Author-
ity of this Act.

Principal and 5. The principal sum of money borrowed under the authority 1
interest to be
charged on the of this Act and the interest on that sum are charged on and pay-
Consolidated Fund able out of the Consolidated Fund and assets of Antigua and
and assets of
Antigua and Barbuda.
Barbuda.

Ratification of 6. The Cabinet Decisions in respect of the loan and the guar-
agreements. antee agreements specified in the Schedule are ratified.

SCHEDULE
[section 61

Agreement Amount

(a) (i) To liquidate all outstanding interest on Gov-
ernment treasury bills and bonds;

(ii) to liquidate outstanding interest on loan in the
name of Deep Bay Development Company
Limited; and

(iii) to pay back-pay to the Police Force, pursuant
to commitment letter dated 22nd May, 1998
and Cabinet Decision dated 8th March, 2000. $6,700,000.00

No. 3 of 2001. The Antigua Commercial Bank 3 ANTIGUA
(Loan) Act, 2001. AND

BARBUDA

(b) To pay outstanding overdraft facility in the name of
Barbuda Council pursuant to commitment letter
dated 12th June, 1998 and Cabinet Decision dated
8th March, 2000. $640,000.00

(c) To assist Government with resuscitation of the
economy in the aftermath of Humcane Georges
pursuant to commitment letter dated 16th October,
1998 and Cabinet Decision dated 8th March, 2000. $3,000,000.00

(d) (i) To liquidate overdraft and other expenses in
the name of Barbuda Council;

(ii) to settle outstanding interest on treasury bills
and bonds; and

(iii) to assist with payment to sundry creditors,
pursuant to commitment letter dated 10th
December, 1999 and Cabinet Decision dated
8th March, 2000. $3,500,000.00

(e) To provide the Government with funds to assist
LIAT with its on going operations, pursuant to com-
mitment letter dated 27th January, 2000 and Cabi-
net Decision dated 8th March, 2000. $4,000,000.00

Passed the House of Representatives Passed the Senate this 12th day
this I st day of March, 2001. of March, 2001.

B. Harris
Speaker.

M. Percival
Presirlent.

S. Walker S. Walker
Clerk to the /louse of'Repre.sentutive~.. Clerk lo the Sen~itc

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

- By Authority, 2001.
8 0 W . 0 1 [ Price$/.Y04 ]
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