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Vanuatu Consolidated Legislation - 1988 |
Commencement: 30 December 1985
Repealed
LAWS OF THE REPUBLIC OF VANUATU
REVISED EDITION 1988
CHAPTER 184
ECONOMIC & SOCIAL DEVELOPMENT LOANS
(ISSUE OF BONDS) ACT
Act 24 of 1985
ARRANGEMENT OF SECTIONS
SECTION
3. Nature of bonds
4. Loan to statutory bodies
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ECONOMIC & SOCIAL DEVELOPMENT LOANS (ISSUE OF BONDS)
To authorise the Government to raise public loans by the issue of bonds for the purposes of financing economic and social development in Vanuatu.
INTERPRETATION
"bonds" means the bonds authorised to be issued by the Government under this Act;
"Development Fund" shall have the same meaning assigned to it in the Public Finance Act, Cap. 117;
"Minister" means the Minister responsible for finance;
"Revenue Fund" shall have the same meaning assigned to it in the Public Finance Act, Cap. 117;
AUTHORITY TO BORROW FOR ECONOMIC AND SOCIAL DEVELOPMENT
(2) The sums borrowed under this Act shall not exceed VT150,000,000 in any one financial year and shall not exceed in aggregate VT600,000,000 at any one time.
(3) All money borrowed under this Act shall be effected and secured by the issue and sale of bonds. The amount and timing of each issue of bonds, the form and denomination of the bonds, and the terms, and conditions and covenants to be included therein shall be determined by the Minister after consulting the Central Bank of Vanuatu.
(4) No money borrowed under this Act shall be used for the financing of the recurrent expenditure of the Government.
NATURE OF BONDS
(2) The interest on the bonds and any premium, charge, assessment or other expense which may be incurred in connection with the issue or redemption of the bonds shall be charged upon and payable out of the Revenue Fund.
(3) Annual appropriations amounting to one tenth of the amount of bonds outstanding at the beginning of each year shall be made out of the Revenue Fund and applied to the Development Fund for the redemption of the bonds.
LOAN TO STATUTORY BODIES
(2) Subject to subsection (3) a loan made under this section shall be subject to such terms and conditions as the Minister may determine.
(3) It shall be a condition of all loans made under this section that the money advanced shall be applied for the funding of a project approved by the Minister and shall not be applied for funding any other project, or otherwise.
(4) Loan repayments made by such bodies as are referred to in subsection (1) shall be appropriated to the Development Fund and shall be held available for the redemption of the bonds issued under this Act.
GOVERNMENT BORROWING AND GUARANTEE ACT NOT TO APPLY TO BORROWINGS UNDER THIS ACT
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URL: http://www.paclii.org/vu/legis/consol_act1988/esdloba482