Loans (Rehabilitation of V.C. Bird International Airport) Act


Published: 1983

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Loans (Rehabilitation of V. C. Bird (CAP. 253 1
International Airport)

CHAPTER 253

THE LOANS (REHABILITATION OF V.C. BIRD
INTERNATIONAL AIRPORT) ACT

Arrangement of Sections
Section

1. Short title.
2. Interpretation.
3. Minister is authorisid to borrow $1 1.105 million in U.S.

currency.
4. Application of money borrowed.
5. Power to issue instruments and to exempt from taxes.
6. Non-application of Cap. 157.
7. Principal and interest charged on Consolidated Fund

and assets of Antigua and Barbuda.
SCHEDULE I.
SCHEDULE 11.

(20th March, 1986.) 1111986.

1. This Act may be cited as the Loans (Rehabilitation Short title.
of V.C. Bird International Airport) Act.

2. In this Act, "Minister" means the Minister Interpretation.
responsible for finance or such other Minister as may be
designated by Cabinet after consultation with the Minister
responsible for finance.

LAWS OF ANTIGUA AND BARBUDA

Minister is
authorised to
borrow $11.105
million in U.S.
currency.
Schedule I.

Schedule I .

Schedule 11.

Application of
money borrowed.

Power to issue
instruments and
to exempt from
taxes.

Non-application
of Cap. 157.

Principal and
interest charged
on Consolidated
Fund and assets
of Antigua and
Barbuda.

CAP. 253) Loans (Rehabilitation of V. C. Bird
International Airport)

3. Notwithstanding the provisions of any other Act,
the Minister is authorised to borrow the sums of money listed
in Column 2 of Schedule I not exceeding an aggregate
sum of $1 1.105 million dollars in the currency of the United
States of America or the equivalent in other currencies from
the Banks listed in column 1 of Schedule I (in this Act refer-
red to as the lenders) on such terms and conditions as may
be agreed upon between the Minister and the lenders; and
the agreements referred to in Schedule I1 are ratified.

4. The money borrowed under the authority of this
Act shall be applied to the rehabilitation of V.C. Bird
International Airport.

5 . (1) The Minister or the Minister responsible for
finance may issue such promissory notes or other instruments
as may be necessary for the purpose of giving effect to the
terms of any agreement entered into by the Minister with
the lenders in respect of the money borrowed under the
authority of this Act.

(2) The Minister responsible for finance may, by Order
published in the Gazette, remit any tax, duty or fee payable
under any enactment where he considers such remission
necessary to give full effect to any agreement, promissory
note, instrument, guarantee or undertaking under this Act.

6. The Exchange Control Act does not apply to any
transaction required to effect payment in any currency of
any sum in accordance with the terms of any agreement,
promissory note, instrument, guarantee or undertaking under
this Act.

7. The principal sum borrowed under the authority
of this Act and the interest thereon are charged upon and
are payable out of the Consolidated Fund and assets of
Antigua and Barbuda.

LAWS OF ANTIGUA AND BARBUDA

Loans (Rehabilitation of V.C. Bird (CAP. 253 3
International Airport)

SCHEDULE I (Section 3)

Column I Column I1

Lenders (Banks) Sums

1. The following banks:-
Credit Lyonnais
Barclays Bank S.A.
Banque du Batiment

et des Travaux Publics
Banque Nationale de Paris
Banque Vernes et Commerciale

de Paris
Credit Commercial de France
Credit Industrial et

Commercial de Paris
Societe Generale $ 8.105 million U.S. currency

2. Barclays Bank PLC $ 1.5 million U.S. currency
3. Swiss-American National

Bank of Antigua $ 1.5 million U.S. currency

SCHEDULE I1 (Section 3)

The following are the agreements that are ratified under this Act-

. Credit Facility Agreement between the State of Antigua and Barbuda
and the banks referred to in item I of Column I of Schedule I dated January 14,
1986, and the agreement of the same date collateral thereto.

2. Export Credit Agreement between the State of Antigua and Barbuda
and Credit Lyonnais and Barclays Bank S.A. dated January 14th, 1986 and the
agreement of the same date collateral thereto.

3. Agreement between the Government of Antigua and Barbuda and
Barclays Bank PLC dated 8th December, 1985.

4. Agreement between the Government of Antigua and Barbuda and Swiss-
American National Bank of Antigua dated 7th January, 1986.