CAP. 76 LOANS (DEVELOPMENT) (NO. 1) ACT BELIZE
LOANS (DEVELOPMENT)(NO. 1) ACT
CHAPTER 76
REVISED EDITION 2000
SHOWING THE LAW AS AT 31ST DECEMBER, 2000.
This is a revised edition of the law, prepared by the Law Revision Commissioner
under the authority of the Law Revision Act, Chapter 3 of the Laws of Belize,
Revised Edition 1980 - 1990.
This edition contains a consolidation of the following laws - Page
ARRANGEMENT OF SECTIONS 3
LOANS (DEVELOPMENT)(NO.1) ACT 3
Amendments in force as at 31st December, 2000.
BELIZE
LOANS (DEVELOPMENT)(NO.1) ACT
CHAPTER 76
REVISED EDITION 2000
SHOWING THE LAW AS AT 31ST DECEMBER, 2000.
This is a revised edition of the law, prepared by the Law Revision Commissioner
under the authority of the Law Revision Act, Chapter 3 of the Laws of Belize,
Revised Edition 1980 - 1990.
This edition contains a consolidation of the following laws - Page
ARRANGEMENT OF SECTIONS 3
LOANS (DEVELOPMENT)(NO.1) ACT 3
Amendments in force as at 31st December, 2000.
,
No. 1 Power Lane,
Belmopan, by the authority of
the Government of Belize.
Loans (Development)(No. 1) [CAP. 76
[ ]
3
CHAPTER 76
LOANS (DEVELOPMENT)(No. 1)
ARRANGEMENT OF SECTIONS
1. Short title.
2. Minister or Crown Agents may raise loan.
3. Principal and interest charged upon general revenue.
4. Purpose of loan.
5. Method of raising loan.
6. Raising of loan under CAP . 81 or CAP. 80.
7. Raising of loan in United Kingdom independently of CAP. 81.
__________
SCHEDULE
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CHAPTER 76
LOANS (DEVELOPMENT) (No. 1)
[27th November 1965]
1. This Act may be cited as the Loans (Development)(No. 1) Act.
5 of 1965.
Short title.
CAP. 60,
R.E. 1980-1990
4
2. The Minister or the Crown Agents acting on his behalf may
raise by loan an amount sufficient to produce as nearly as may be the sum of
one million two hundred thousand dollars and such further sums as may be
necessary to defray the expenses of issue.
3. The principal monies and interest represented by the loan issued
under the provisions of this Act are hereby charged upon and shall be
payable out of the general revenues and assets of this Country.
4.-(1) Any sum raised to defray the expenses of issue shall be applied only
to that purpose.
(2) Save as aforesaid, the money borrowed under this Act shall be
appropriated and applied to the purposes specified in the Schedule to this
Act:
Provided that the Minister may, with the prior approval of the
National Assembly, amend any item or add any new item to the Schedule.
5. The loan hereby authorised, or any part thereof, may be raised
either-
(a) in the United Kingdom by the Crown Agents under the
provisions of Part I of the Public Loans Act, or,
notwithstanding anything to the contrary contained in the
said Act, independently of that Act as the
Minister or the Crown Agents acting on his behalf may
decide; or
(b) in this country under the provisions of the Local Public
Loans Act.
6. If the loan hereby authorised or any part thereof is issued under the
provisions of Part I of the Public Loans Act, or of the Local Public Loans
Minister or
Crown Agents
may raise loan.
Principal and
interest charged
upon general
revenue.
Purpose of
loan.
Method of
raising loan.
CAP. 81
CAP. 80
Raising of loan
under CAP. 81
or CAP. 80.
Schedule.
Schedule
,
No. 1 Power Lane,
Belmopan, by the authority of
the Government of Belize.
Loans (Development)(No. 1) [CAP. 76
[ ]
5
Act, then the contribution to a sinking fund, as contemplated by the provi-
sions of sections 28 and 29 of the former Act or of section 12 of the latter
Act, as the case may be, shall commence in respect of such issue not later
than three years after the date from which the interest on such issue com-
mences to run.
7. If the loan hereby authorised or any part thereof be issued in the
United Kingdom independently of Part I of the Public Loans Act, then the
following provisions shall apply-
(a) so long as any portion of such loan remains outstanding the
Minister shall in each half-year ending with the day on which
the interest on such loans falls due appropriate out of the
general revenues and assets of this Country a sum equal to
one half-year’s interest on the whole of such loan outstanding
and shall remit that sum to the Crown Agents at such time as
will enable them to pay thereout the then current half-year’s
interest on the day on which it falls due;
(b) the Minister shall also in each half-year ending as aforesaid
appropriate out of the said revenues and assets of this
Country for the formation of a sinking fund for the repayment
of the loan at par an additional sum in respect of the total
nominal amount of such loan outstanding equal to one-half of
the annual contribution to be decided upon by the Minister
on the issue of the loan and shall remit that sum to the Crown
Agents with the remittance herein before mentioned:
Provided that the said contribution shall commence
not later than three years after the date from which the in-
terest on such loan shall commence to run;
(c) the aforesaid annual contribution shall be not less than such
Raising of
loan in United
Kingdom
independently
of CAP. 81.
6
amount as may be determined by the Minister with the
approval of the National Assembly to be sufficient to
redeem such loan at its due date;
(d) the Crown Agents shall, for the purpose of forming a sinking
fund for the final extinction of the debt, from time to time
place at interest or invest in the purchase of such securities
as may from time to time be approved by the National
Assembly so much of the money so remitted to them as
aforesaid as shall not be required for the payment of interest
for the current half-year and shall also place at interest or
invest in the purchase of like securities the accumulations of
interest or the dividends, interest or produce of such invest-
ment, and may from time to time with the approval of the
National Assembly change any such investments and shall
hold such fund in trust for the repayment of the principal
monies for the time being represented by such loan;
(e) in case the sinking fund provided for by this Act shall
be insufficient for the payment of all the principal monies so
borrowed under the authority of this Act at the time it
becomes due the Minister shall make good the deficiencies
out of the general revenues and assets of this Country.
,
No. 1 Power Lane,
Belmopan, by the authority of
the Government of Belize.
Loans (Development)(No. 1) [CAP. 76
[ ]
7
SCHEDULE
[Section 4(2)]
1. Assistance to National Electricity Authority to
establish 24 hour electricity supply to the main district
towns $750,000
2. Provision for a bridge over the New River at Tower
Hill on the Northern Highway $350,000
3. Assistance to religious denominations for the
construction of secondary schools $100,000