Loans (Development) (No. 2) Act

Link to law: http://www.belizelaw.org/web/lawadmin/PDF%20files/cap077.pdf
Published: 2000

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

Printed by the Government Printer,

No. 1 Power Lane,

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)

THE SUBSTANTIVE LAWS OF BELIZE REVISED EDITION 2000

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No. 1 Power Lane,

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)

THE SUBSTANTIVE LAWS OF BELIZE REVISED EDITION 2000

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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)

THE SUBSTANTIVE LAWS OF BELIZE REVISED EDITION 2000

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No. 1 Power Lane,

Belmopan, by the authority of

the Government of Belize.

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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
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