Bank of Antigua (Loan) Act 1995

Link to law: http://laws.gov.ag/acts/1995/a1995-5.pdf

No. 5 of 1995. The Bank of Antigua (Loan) Act, 1995. 1 ANTIGUA
AND

BARBUDA

[L.S. 1

I Assent,

James B. Carlisle,
Governor-General,

16th June, 1995.

ANTIGUA AND BARBUDA

No. 5 of 1995

An Act to authorise the Minister of Finance to borrow the sum of
Thirty-five Million dollars in Eastern Caribbean Currency or
the equivalent in other currencies to finance recurrent expen-
diture, certain overdraft and credit facilities and contingent
liabilities of the Government of Antigua and Barbuda.

[ 22nd June, 1995 ]

ENACTED by the Parliament of Antigua and Barbuda as
follows:-

1. This Act may be cited as the Bank of Antigua (Loan) Act, Short title.
1995.

2. (1) Notwithstanding the provisionsof Any Act, the Minister Minister authorised
is hereby authorised to borrow the sum of thirty-five million toborrow
dollars in Eastern Caribbean Cumncy or the equivalent in other g;zc??j:an
currencies on such terms and conditions as may be agreed upon C,ency.
between the Minister and The Bank of Antigua.

ANTIGUA 2 The Bank of Antigua (Loan) Act, 1995. No. 5 of 1995.
AND

BARBUDA

(2) The Minister may exercise his power under subsection (1)
in such a manner that separate sums of money are borrowed over
a period of time provided that the separate sums do not in the
aggregate exceed the sum of thirty-five million dollars.

Application of 3. The sum of money borrowed under the authority of this Act
Money borrowed. shall when approved by the Cabinet be appropriated and applied

to finance therecurrent expenditure including overdraft facilities,
debt service charge of the Government of Antigua and Barbuda
and any contingent liability incurred by the Government on
behalf of any Statutory Authority, Agency or Board.

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 terns of any agreement entered into by him with the tender
in respect of the sum of money borrowed under the authority of
this Act.

hincipal and 5. The principal sum of money borrowed under the authority
interest to be of this Act and the interest thereon are hereby charged upon and
charged On the payable out of the Consolidated Fund and assets of Antigua and Consolidated Fund
and assets of Barbuda.
Antigua and
Barbuda.

Ratification of 6. The agreements specified in the Schedule are hereby
agreements. ratified.

SCHEDULE (Section 6)

Agreement Amount

(a) Guarantee to Antigua Sugar Industry in its operational
expenses and reaping of crop pursuant to Cabinet Decision
dated 12th May, 1982. $500,000

(b) Guarantee to State Insurance Corporation to assist in its
operational expenses pursuant to Cabinet Decision dated
30th January, 1991. $ l , ~ , ~ o

(c) Loan Agreement to expand the V.C. Bird International
Airport building pursuant to Cabinet Decision dated 14th
May, 1993. $lO,OOO,oOO

No. 5 of 1995. The Bank of Antigua (Loan) Act, 1995. 3

Agreement

(d) Loan agreement to assist in meeting a portion of commit-
ment to Hospital Speclalists pursuant to Cabinet Decision
dated 16th February, 1994.

(e) Guarantee to Antigua Jazz Society overdraft to assist in
financing a Jazz Festival pursuant to Cabinet Decision
dated 15th September, 1994.

fl Guarantee to National Parks Authority overdraft pursuant
to Cabinet Decision dated 28th September, 1994.

(g) Guarantee to National Parks Authority to consolidate bills
dated 28th September, 1994.

(h) Loan Agreement to assist with meeting the current obliga-
tions of Government which includes back pay to Civil
Servants, Arrears of Contribution to several institutions,
gratuities to Pensioners and other miscellaneous payments
pursuant to Cabinet Decision dated 30th November, 1994.

ANTIGUA
AND

BARBUDA

Amount

Passed the House of Representatives this Passed the Senate this 23rd
27th day of April, 1995. day of May, 1995.

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 Rupert Charity, Government Printer

-By Authority, 1995.
8 U . 9 5 [Price $1.55 j
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