Streets and Belize International Airport Loan Act

Link to law: http://www.belizelaw.org/web/lawadmin/PDF%20files/cap082.pdf
Published: 2000

CAP. 82 STREETS AND BELIZE INTERNATIONAL AIRPORT LOAN ACT BELIZE

STREETS AND BELIZE INTERNATIONAL

AIRPORT LOAN ACT

CHAPTER 82

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

STREETS AND BELIZE INTERNATIONAL 3

AIRPORT LOAN ACT

Amendments in force as at 31st December, 2000.

BELIZE

STREETS AND BELIZE INTERNATIONAL

AIRPORT LOAN ACT

CHAPTER 82

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

STREETS AND BELIZE INTERNATIONAL 3

AIRPORT LOAN ACT

Amendments in force as at 31st December, 2000.

THE SUBSTANTIVE LAWS OF BELIZE REVISED EDITION 2000

Printed by the Government Printer,

No. 1 Power Lane,

Belmopan, by the authority of

the Government of Belize.

Streets and Belize International Airport Loan [CAP. 82

[ ]

3

CHAPTER 82

STREETS AND BELIZE INTERNATIONAL AIRPORT

LOAN

ARRANGEMENT OF SECTIONS

1. Short title.

2. Minister or Crown Agents may raise loan.

3. Principal and interest charged upon Consolidated Revenue Fund.

4. Purpose of loan.

5. Method of raising loan.

6. Raising of loan in this country.

7. Raising of loan in United Kingdom independently of Cap. 81.

SCHEDULE

CHAPTER 82

STREETS AND BELIZE INTERNATIONAL AIRPORT

LOAN

[10th August, 1968]

1. This Act may be cited as the Streets and Belize International Airport

Loan Act.

21 of 1968.

Short title.

CAP. 64,

R.E. 1980-1990.

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 four hundred thousand dollars and such further sums as may be

necessary to defray the expenses of issue.

3. The principal moneys and interest represented by the loan issued

under the Act are hereby charged upon and shall be payable out of the

Consolidated Revenue Fund and assets of Belize.

4.-(1) Any sum raised to defray the expenses of issue shall be applied only

to that purpose.

(2) Except as provided in subsection (1), the money borrowed under

this Act shall be appropriated and applied for the purposes specified in the

Schedule:

Provided that the Minister may 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 any

thing to the contrary contained in the Public Loans Act,

independently of that Act as the Minister or the Crown

Agents acting on his behalf may decide; or

(b) in Belize under the provisions of the Local Public Loans Act.

6. If the loan hereby authorised or any part thereof is issued under Part

I of the Public Loans Act, or of the Local Public Loans Act, then the

contribution to a sinking Fund, as contemplated by the provisions of section

28 of the former Act or of section 12 of the latter Act, as the case may be,

Minister or

Crown Agents

may raise loan.

Principal and

interest charged

upon Consoli-

dated Revenue

Fund. Purpose of

loan.

Method of

raising loan.

CAP. 81

CAP. 80

Raising of loan

in this country.

CAP. 81

CAP. 80

Schedule.

Schedule.

,

No. 1 Power Lane,

Belmopan, by the authority of

the Government of Belize.

Streets and Belize International Airport Loan [CAP. 82

[ ]

5

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 Consolidated Revenue

Fund and assets of Belize 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 with the day

on which the interest on such loans falls due appropriate out of

the Consolidated Revenue Fund and assets of Belize 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 mentioned in paragraph (a):

Provided that the said appropriation shall commence not later

than three years after the date from which the interest on such loan

shall commence to run;

(c) the 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

Raising of

loan in United

Kingdom

independently

of CAP. 81.

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 Minister so much of the money so

remitted to them 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 investment, and may from

time to time with the approval of the Minister change any such

investments and shall hold such fund in the trust for the repayment of

the principal moneys 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 moneys borrowed

under the authority of this Act at the time the same shall become

due, the Minister shall make good the deficiencies out of the

Consolidated Revenue Fund and assets of Belize.

____________

SCHEDULE

[Section 4 (2)]

1. For the making of loans to local authorities charged with the

construction, maintenance, alteration and supervision of public roads for all

or any of such purposes, including purposes ancillary thereto, in such

amount and in such manner and on such terms as the Minister may direct,

limited to $600,000.

2. For use towards the cost of rehabilitating the Belize International

Airport, limited to $800,000.
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