CAP. 77 LOANS (DEVELOPMENT) (NO. 2) ACT BELIZE
LOANS (DEVELOPMENT)(NO. 2)ACT
CHAPTER 77
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 Edition1980 - 1990.
This edition contains a consolidation of the following laws- Page
ARRANGEMENT OF SECTIONS 3
LOANS (DEVELOPMENT)(NO. 2) ACT 3
Amendments in force as at 31st December, 2000.
BELIZE
LOANS (DEVELOPMENT)(NO. 2)ACT
CHAPTER 77
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 Edition1980 - 1990.
This edition contains a consolidation of the following laws- Page
ARRANGEMENT OF SECTIONS 3
LOANS (DEVELOPMENT)(NO. 2) ACT 3
Amendments in force as at 31st December, 2000.
Loans (Development)(No. 2)
THE SUBSTANTIVE LAWS OF BELIZE REVISED EDITION 2000
3
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Belmopan, by the authority of
the Government of Belize. [ ]
[CAP. 77
CHAPTER 77
LOANS (DEVELOPMENT)(No. 2)
ARRANGEMENT OF SECTIONS
1. Short title.
2. Interpretation.
3. Authority to borrow.
4. Purpose of loan.
5. Method of raising loan.
6. Raising of loan under Chapter 81 or Chapter 80.
7. Raising of loan in United Kingdom independently of Chapter 80.
8. Amount of each debenture.
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SCHEDULE
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CHAPTER 77
LOANS (DEVELOPMENT)(No. 2)
[24th December, 1976]
1. This Act may be cited as the Loans (Development)(No. 2)
Act.
15 of 1976.
Short title.
CAP. 61,
R.E. 1980-1990.
Loans (Development)(No. 2)
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Belmopan, by the authority of
the Government of Belize.
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CAP. 77 ]
2. In this Act, “Minister” means the Minister responsible
for finance.
3. The Minister or Crown Agents acting on his behalf may raise by loan
an amount sufficient to produce as nearly as may be the sum of fifteen million
dollars.
4.-(1) Any sum raised to defray the expenses of issue shall be applied only to
that purpose.
(2) Save as aforesaid the sum borrowed under this Act shall be appropri-
ated and applied to the purposes specified in the Schedule to this Act:
Provided that the Minister may amend any item or add any new item
to the Schedule.
(3) Any amendment made shall be laid before the House of Representa-
tives as soon as may be after the making thereof, and if the House of Repre-
sentatives by resolution request that any amendment laid before it be re-
scinded, amended or otherwise modified, such amendment shall be re-
scinded, amended or otherwise modified but without prejudice to the validity
of anything done thereunder.
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 Crown Agents acting on his behalf may decide; or
(b) in this country under the provision of the Local Public Loans Act.
Authority to
borrow.
Purpose of
loan.
Schedule.
Method of
raising loan.
CAP. 81.
CAP. 80.
Interpretation.
Schedule.
Loans (Development)(No. 2)
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[CAP. 77
6. If the loan hereby authorised or any part thereof shall be issued
under the provisions of Part I of the Public Loans Act, or the Local Public
Loans Act, then the contribution to a sinking fund, as contemplated by the
provisions 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
shall commence 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 hereinbefore
mentioned:
Provided that the said contribution shall commence not later than
three years after the date from which the interest on such loan shall com-
mence to run;
Raising of loan
under Chapter
81 or Chapter
80.
Raising of loan
in United
Kingdom
independently
of Chapter 81.
Loans (Development)(No. 2)
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CAP. 77 ]
(c) the aforesaid annual contribution shall be not less than such amount
as may be determined by the Minister 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 purchasing of such securities as may from time to time be
approved by the Minister so much of the money so remitted to them
as aforesaid as shall not be required for the payment of interest of 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 investment, and may from time
to time with the approval of the Minister 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 the same shall have
become due the Minister shall make good the deficiencies out of the
general revenues and assets of this Country.
8. Notwithstanding anything to the contrary in the Local Public Loans
Act, each debenture may be for the sum of ten thousand dollars.
Amount of
each
debenture.
CAP. 80.
Loans (Development)(No. 2)
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[CAP. 77
SCHEDULE
[Section 4 (2) ]
1. Assistance to Belize Electricity Board for re-financing of
short term and medium term loans. $5.5m
2. Local costs of Belize City Water and Sewerage Project $5.Om
3. For housing, agricultural and industrial credits by
Development Finance Corporation $2.Om
4. For housing by Reconstruction and Development
Corporation and the Government Housing Loans
Board. $2.5m
