Development Fund Act

Link to law: http://laws.gov.ag/acts/chapters/cap-134.pdf
Published: 1976

Development Fund (CAP. 134 1

CHAPTER 134

THE DEVELOPMENT FUND ACT

Arrangement of Sections
Section

1. Short title.
2. Interpretation.
3. Creation of Development Fund.
4. Moneys comprising the Fund.
5. Assets identifiable in Treasury.
6. Minister to prepare Estimates.
7. Content of Estimates.
8. Estimates approved by a resolution.
9. Supplementary Estimates.

10. Amount to be applied to projects to be in accordance
with directions of minister.

1 1. Contingencies appropriation.
12. Provision for ongoing projects.
13. Conditions attaching to resources.
14. Powers of Minister.
15. Powers of Financial Secretary.

LAWS OF ANTIGUA AND BARBUDA

Development Fund (CAP. 134 3

DEVELOPMENT FUND

(19th June, 1976.)

1. This Act may be cited as the Development Fund short title.
Act.

2. In this Act unless the context otherwise requires- Interpretation.

"Minister" means the minister responsible for the sub-
ject of finance.

" year" means financial year.

3. There is established a public fund to be known as Creation of
Development

the Development Fund (hereinafter referred to as "the ~ , , ~ d .
Fund"), which shall be applied for the development of
Antigua and Barbuda.

4. There shall be paid into the Fund- Moneys
comprising the
Fund.

(1) All moneys appropriated by an Appropriation
Act for purposes of development.

( 2 ) All moneys raised by way of loan and appro-
priated for purposes of development by the
law authorising the loan.

(3) All moneys received for purposes of develop-
ment from any government or from any
national or international agency or bank.

(4) The proceeds of any tax or levy raised
specifically for purposes of development and
appropriated thereto by law; and

(5) All moneys received in repayment of loans or
advances made from the Fund for purposes
of development.

5 . All moneys received into the Fund shall be paid z:;:;fiable in
into the Treasury and held therein for the account of the T ~ ~ ~ ~ ~ ~ ~ .
Fund.

LAWS OF ANTIGUA AND BARBUDA

4 CAP. 134) Development Fund

Minister to
prepare

6. The Minister shall in respect of every year cause
Estimates. to be prepared and laid before the House of Representatives,

within 90 days from the commencement of the year, estimates
of the resources available to the Fund and of the expenditure
to be applied to development purposes from the Fund in that
year:

Provided that, in respect of the year 1976, such estimates
shall be laid before the House of Representatives within thirty
days of the date of coming into force of this Act.

Content of
Estimates.

7. The estimates of expenditure from the Fund shall
show the total estimated cost to completion of each develop-
ment project and the appropriation estimated to be required
for that project for the year.

Estimates
approved by a

8. The House of Representatives shall with reference
resolution. to such estimates by resolution approve the total amount

which it may authorise to be spent from the Fund during
the year and the total estimated cost to completion of each
project on which the moneys may be spent.

Supplementary 9. If in respect of any year it is found that the amount
Estimates.

authorised to be spent from the Fund or the total estimated
cost to completion of any project approved by a resolution
under section 8 is insufficient, or that a need has arisen for
expenditure on a project which has not been included in the
estimates approved by such resolution, a supplementary
estimate shall be prepared accordingly and submitted for the
approval of the House of Representatives by way of further
resolution.

Amount to be
applied to

10. The amount applied in respect of any project dur-
projects to be in ing any year shall be in accordance with the directions of
accordance with the Minister but shall not exceed the unexpended balance
directions of
minister. of the total estimated cost of the project as shown in the latest

estimates relating thereto approved by the House of
Representatives:

Provided that the total of the amounts so applied in any
year shall not exceed the total amount authorised to be spent
from the Fund under sections 8 and 9.

LAWS OF ANTIGUA AND BARBUDA

Development Fund (CAP. 134 5

I . The estimates of expenditure from the Fund for Contingencies appropriation.
any year may include an appropriation of an amount for
Contingencies, and the Minister shall have power to direct
that an advance be made from such appropriation to meet
any urgent and unforeseen need for expenditure which could
not be met within the terms of section 10:

Provided that where any advance is made in accordance
with this section a supplementary estimate shall be prepared
and a resolution of the House of Representatives sought to
replace the sum advanced and to approve the expenditure
in accordance with section 9.

12. If, in respect of any year, estimates of expenditure Provision for on-
from the Fund for that year have not by the beginning of going projects.
the year been approved in accordance with section 8, the
Minister may, to the extent that moneys approved for ex-
penditure from the Fund in the preceding year and authorised
to be applied in accordance with sectjon 10 remain unspent,
authorise the issue for the continuation of the same projects
in the current year of sums representing such unspent
balances :

Provided that any such issue shall be regarded as an
advance against appropriations being made in the estimates
to be approved under section 8, and on the coming into force
of such approval shall be deemed to have been made
thereunder and shall be accounted accordingly.

13. In the preparation of estimates relating to the Conditions
attaching to

Fund and in the use by the Minister of his powers under ,s,,r,es.
this Act he shall act in accordance with any conditions
attaching to the use for particular purposes of moneys received
into the Fund and forming part of its resources, and any
such conditions shall be set out in such estimates.

14. The powers of the Minister under sections 10, Qz;,"e;f
11, and 12 shall be exercised by warrant under his hand.

15. The Financial Secretary may give instructions in
writing for the better carrying into effect of the provisions seCRtary.
of this Act.
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