Loans (Development) (No. 1) Act

Link to law: http://www.belizelaw.org/web/lawadmin/PDF%20files/cap076.pdf
Published: 2000

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

__________

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
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