Royal Bank of Canada (Loan) (CAP. 386 1

CHAPTER 386

THE ROYAL BANK OF CANADA (LOAN) ACT, 1987

Arrangement of Sections
Section

1. Short title.
2. Minister authorised to borrow $20,000,000 in Eastern

Caribbean Currency or equivalent.
3. Application of money borrowed.
4. Power to issue instruments.
5. Principal and Interest to be a charge on the Consolidated

Fund and assets of Antigua and Barbuda.
6. Ratification of agreements.

SCHEDULE.

LAWS OF ANTIGUA AND BARBUDA

Royal Bank of Canada (Loan) (CAP. 386 3

ROYAL BANK O F CANADA (LOAN)

An Act to authorise the Minister of Finance to borrow the
sum of twenty million 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.

(24th December, 1987.)

1. This Act may be cited as the Royal Bank of Canada Short title-
(Loan) Act, 1987.

2. (1) Notwithstanding the provisions of any other Minister
authorised to Act the Minister is hereby authorised to borrow the sum borrow

of twenty million dollars in Eastern Caribbean Currency or $2o,OoO,ooo in
Eastern the equivalent in other currencies on such terms and condi- Caribbean

tions as may be agreed upon between the Minister and the Currency or
Royal Bank of Canada. equivalent.

(2) The Minister may exercise his power under subsec-
tion (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-twenty million dollars.

3. The money borrowed under the authority of this A,p"t;,";ied.
Act shall when approved by Cabinet be appropriated and -
applied to finance the recurrent expenditure including over-
draft 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.

4. The Minister may issue such promissory notes or Power instruments. to issue
other instruments as may be necessary for the purpose of
giving effect to the terms of any agreement entered into by
him with the tender in respect of the money borrowed under
the authority of this Act.

LAWS OF ANTIGUA AND BARBUDA

4 CAP. 386) Royal Bank of Canada (Loan)

Principal and
Interest to be a

5 . The principal borrowed under the authority of this
charge on the Act and the interest thereon are hereby charged upon and
Consolidated shall be payable out of the Consolidated Fund and assets
Fund and assets
of Antima and of Antigua and Barbuda.

Ratification of
agreements.

6. T h e agreements specified in the Schedule to this
Act are ratified.

SCHEDULE (Section 6)

The following loan and guarantee agreements between the Government of
Antigua and Barbuda and the Royal Bank of Canada are ratified under this Act-

Agreement Amount

(a) Agreement to purchase Intrade Building pur-
suant to Cabinet decision of 26th July, 1982; $1,200,000

(b) Loan agreement in favour of State Insurance
Corporation to renovate the building occupied
by the Development Control Authority pursuant
to Cabinet decision dated 26th June, 1985;

(c) Loan agreement to assist with back-pay to Civil
Servants pursuant to Cabinet decision dated
12th March, 1986;

(d) Loan agreement for the purchase of 12 school
buses pursuant to Cabinet decision dated 3rd
September, 1987;

(e) Loan agreement to finance sugar debenture in
respect of its final instalment pursuant to
Cabinet decision dated 3rd September, 1987;

(f) Guarantee to Antigua and Barbuda Develop-
ment Bank for Low Income Housing pursuant
to Cabinet decision in July, 1983;

LAWS OF ANTIGUA AND BARBUDA

Royal Bank of Canada (Loan) (CAP. 386 5

(y) Guarantee to A.P.U.A. Telephone Division for
Expansion Programme pursuant to Cabinet
decision dated 2nd December, 1985; 1,600,000

(h) Agreement for overdraft facilities for the day
to day operation to the Government. 9,000,000