Loans (Financial Institutions) Act 1996

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No. 6 of 19%. Loans ( F i m i a l Institutions)
Act 1996.

I ANTIGUA
AND

BARBUDA

[ L.S. 1

I Assent,

James B. Catlisle,'
Goventor-GeneraL

ANTIGUA AND BARBUDA

No. 6 of 1%

An Act to authorise the Minister of Finance to borrow certain
sums to finance recurrent expenditure, certain overdraft and
credit facilities and contingent liabilities of the Government
of Antigua and BaTbuda.

[ 19th December, 19% ]

ENACTED by the Parliament of Antigua and Barbuda as
follows -

1. This Act may be cited as theLoans (Financial Institutions) shm titie.
Act 1996.

2. (1) Notwithstanding the provisions of any other Act, the Ministep
Minister is hereby authorised to borrow the sums set out in the authorised to
Schedule in Eastern Caribbean Currency or equivalent in other :z,,2w in
currencies on such terms and conditions as may be agreed -m Caribbean
between the Minister and the Financial Institutions set out in the Currency or
Schedule. equivalent.

(2) The Minister may exercise his power under sub-section
(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 total sum set out in the Schedule.

‘4Nl"xGSA 2 Loans (Financial Institutions) No. 6 of 13%.
AMlls Act 19%.

BARBUDA

Amlication of 3. The moneys borrowed under the authority of this Act were
Money Borrowed. approved by Cabinet and appropriated and applied to finance the

projkcts set out in the Schedule.

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

to the tenns of my agfpmmt entered into by him with the in
of the moneys borrowed under the authority of this Act.

Ratif idon of 5, The Iaans md guumtee agreements between the
cabingtrkeision. Govement of Antigua Barbuda and the Financial

Institutims, which are specified in the Schedule hereto, are
ratified.

SCEPEDaE Section 5

Fhancial Institutions Agr-ent Amount

1. Caribbean Loan Agreement to meet outstanding
Banking paymena to Wirtgen I~ter AG for
Corporation rehabilitation and expansim of Au-

port Runway Pllssume to Cabinet

Mision of 1 lth J m q - , 1995. 4,750,QQ

2. Antigua and (a) Guarantee of loan to Stitch World
Barbuda Antigua Ltd. to purchase equipment
Invesment Bank pursuant to Cabinet Decision

dated 30th January, 1995. 250,000

fb) Lorn Agreement ~ i , ~ s i s r . in pay-

ment to Wigen Inter AG for con-
struction d roads pursuant to Cabinet

Decision dated 8th February, 1995. 6,480,MO

3. Royal Bank (a) Loan Agreement to piace portion of
of C1& overdraft on Reducing Basis pursuant

to Cabinet Decision dated 10th

November, 1993 5,000,088

No. 6 of 19%. Loans (Financial Institutions) 3 ANTIGUA
Act 19%. AND

BARBUDA

(b) Loan Agreement to assist with

construction at Jennings School

pursuant to Cabinet Decision

dated 10th November, 1993.

(c) Loan Agreement to purchase

Equipment for Public Works
Department pursuant to Cabinet

Decision dated 29th April, 1992. 3,0@4000

(d) Guarantee of loan to Antigua

and Barbuda Development Bank

for Investment purposes pursuant to

Cabinet Decision dated. 776,392

4. Canadian Imperial (a) Loan Agreement to consolidate

Bank of Commerce Hadeed building, salary arrears,

sanitation and road equipment and

equipment and material for PPWD
pursumt to Cabinet Decisions

dated I st December, 1993.

(b) Loan Agreement to liquidate F.B.

Hadeed & Sons Credit Facility

for f ~ e tender and security

equipment for Airport and

equipment blr spares for APUA

pursuant to Cabinet Decision

dated 5th January, 1994.

5. Finance and (a) Loan Agreement to pay Wirtgen
Development Inter AG under agreement dated

Company Limited August 25th, 1993 for road re-

ANTIGUA 4 Loavas (Financial Institutions) No. 6 of 19%.
AND Act 19%.

BARBZjYIA

construction, loan refinanced

and an additional amount of

$2,000,000 pursuant to Cabinet

Decision of 17th November, 1993. 4,145,116

(6) Loan Agreement b assist in Road

and Drainage reconstmction
guaranteed by ARWA pursuant to

Cabinet M i i s n dated 26th

Jmllary, 1994.

(c) Loan Agreement for Antigua's

portion of joint investment in

LIAT (1974) Lsd. pursuant to

Cabinet Decision dated 27th

April, 1994.

(d) Loan Agreement to purchase

equipment for

and a bulldozer for CBH pursuant to
Cabinet Decision dated 8th March,
1995. 2.15 1,000

(e) Loan Agreement to finance the
rehabilitation of Govermnent
House pursuant to Cabinet Becision

dated 24th May, 1995. w-lQo,m

(/J Loan Agreement to assist with short-

terrm payable to Hadajed Motors and

to pay for equipment for the Ministry
of Agriculture pursuant to Cabinet

Decision dated 15th November, 1995. 8,500,000

No. 6 of 19%. Lams (Financial Institutions) 5 ANTIGUA
Act 19%. AND(

BARBUDA

6. Swiss American (a) Consolidation and rescheduling of

National Bank of existing loan plus and additional

Antigua Limited amount for payment of arrears of
salary and infrastructure pursuant to

Cabinet Decision dated 27th April,

1994. 5,000,000

(b) Loan Agreement to assist in pur-

chasing shares in LIAT (1974)

Lad. pursuant to Cabinet Decision

dated 26th April, 1994. 2,000.000

(c) Loan Agreement to assist with

the Servicing of Fisheries Loan

pursuant to Cabinet Decision dated

3rd May, 1995. 4,823,550

(d) Loan Agreement to assist with

the Servicing of Fisheries Loan

in pursuant to Cabinet Decision

dated 3rd May, 1995. 4,376,450

(e) koarr Facility of Ten million

Eastern Caribbean dollars
(EC$10,000,000) to assist with
b e clearing the artems on CDB
b a n s as well as m a r s on other

External lams in pwsuant to
Cabinet Dwision dated 17th
April9 1996.

7. Barclays Bank fa) Guarantee to Antigua Port Authority

PLC to assist with upgrading and

expanding parking facilities for

AN'IIGUA 6 Lows ( F i m i a l Institutions)
AND Act 1996.

BARBUDA

No. 6 of 19%.

customers pursuant to Cabinet

Decision dated 3 1st August, 1988. 5,200,000

(bj Guarantee to Antigua and Bar-

buda Development Bank to

assist with the construction of

low income houses pursuant to

Cabinet Decision dated 8th

December, 1988.

(c) Loan Agreement to assist in Air-

port rehabilitation, fie-fighting

equipment and F i e Stations,

payment of Government Salary

hears, and other consolidated

loans pursuant to Cabinet .
Decision dated 20th December,

1989.

(d) Guarantee to Antigua Cricket

Association to assist with up
grading facilities at Vivi Richards

Rayers9 Pavilion pursuant to

Cabinet Decision dated 27th

March, 1991. 470,000

8. Bank of Nova a Consolidation of loan balances
Scoria for C W A Housing Project,

ASIC, Carnival Committee OD,
Airport rehabilitation, Hadeed
building, L.C, i.f.0 Bonding Co.,
Mendes building, Fire- fighting
equipment; payment of salary
arrears; payment of wages to
Royal Antiguan Hotel; to purchase
spare parts for APUA; liquidation

No. 6 of 19%. Loans (Fi~mmial Iastitutions) 7 ANTIGUA
Act 19%. AND

BARBUDA

af &bt of Forth Worth Il~teresr
ILL Ltd, and Antigua Carnival
Committee overdraft pursuant to

Cabinet Decision dated 7th July,

1993. 9,7&,000

(b) Loan Agreement to consulidate

overdraft for Antigua Carnival

Committee pursuant to Cabinet

Decision dated 14th March, 1996. 250,@W

(c) Loan Agreement to purchase

PIarbour Front Land from the

Fuller family pursuant to Cabinet

Decision &da' 5th Jmaary, 1995. 2,7W,QO

(d) Loan Agreement to consdidate

overdraft for Anaigna Carnlvd

Committee p u r ~ ~ t to Cabinet

Decision &ted 3 st March, 1995. 250,000

9. Antigua (a) Cmsolidatd demand loan to

Ctmmercid Barak. purchase X-Ray eqslipment and

o h r facilities and Gat. Scan

Machine pursuant to Cabinet

Decision dated 9th Italy, 1993.

jbj Loan Agreement to lend to Deep

Bay Development Co. Ltd

pursuant to Cabinet Decision

dated 7th July, 1993.

ANTIGUA 8 Loans (Financial Institutions)
AND Act 19%.

BARBUDA

(c) Loan agreement to lend to Deep

Bay Development Co. Ltd.

pursuant to Cabinet Decision

dated 7th July, 1993.

(d) Consolidated demand loan for

payment to CDM, to purchase

PVC Pipes and payment of

salary arrears, to pay accrued

interest to Deep Bay Develop-

ment Co. Ltd. and interest for

loan to Dave Lester Payne

pursuant to Cabinet Decision

dated 8th July, 1994.

No. 6 of 19%.

(e) Loan Agreement for joint pay-

ment to purchase 0.E.C.S

Embassy building in Washington

D.C pursuant to Cabinet Decision

dated 8th July, 1994. 1,671,300

fjJ Guarantee of loan to Deep

Bay Development Corporation

pursuant to Cabinet Decision

dated 25th September, 1987. 2,7W,000

(g) Guarantee of loan to State

Insurance Corporation pursuant

to Cabinet Resolution dated 15th

April, 1987. 3,339,108

(h) Guarantee of loan to the Board or

Education pursuant to Cabinet Decision

dated 30th August, 1995. 7,500,000

No. 6 of 19%. Loans (Financial Institutions) 9 AN'IIGUA
Act 19%. AND

BARBUDA

Passed the House of Representatives Passed the Senate tbis7th day of
&is 17th day of October, 19%. November, 19%.

B. Harris,
Speaker.

S. Walker,
Clerk to the House of Representativess

M . Percival,
President.

S. Walker,
Clerk to the Senate.

Printed at the Government Printing Office, Antigua and Barbuda,
by Rupert charity, Government Printer

-By Authority, 1996.
800-12.96 [ Price $3.65 I

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