Borrowing and Investment Powers (Guarantees) Regulations 2017 (Vic)

Version No. 001

Borrowing and Investment Powers (Guarantees) Regulations 2017

S.R. No. 25/2017

Version as at

30 April 2017

TABLE OF PROVISIONS

Regulation  Page

1Objectives

2Authorising provision

3Commencement

4Revocation

5Certificate of Guarantee—overdrafts

6Certificate of Guarantee—hedging etc.

Schedule 1

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Endnotes

1      General information

2      Table of Amendments

3      Amendments Not in Operation

4      Explanatory details

Version No. 001

Borrowing and Investment Powers (Guarantees) Regulations 2017

S.R. No. 25/2017

Version as at

30 April 2017

1Objectives

The objectives of these Regulations are to prescribe—

(a)the form of the certificate the Treasurer may execute under section 12(2) of the Borrowing and Investment Powers Act 1987; and

(b)the form of the certificate the Treasurer may execute under section 15(2) of that Act.

2Authorising provision

These Regulations are made under section 18 of the Borrowing and Investment Powers Act1987.

3Commencement

These Regulations come into operation on 30 April 2017.

4Revocation

The Borrowing and Investment Powers (Guarantees) Regulations 2007[1] are revoked.

5Certificate of Guarantee—overdrafts

For the purposes of section 12(2) of the Borrowing and Investment Powers Act 1987, the prescribed form of a certificate executed by the Treasurer is set out in Form 1 of Schedule 1.

6Certificate of Guarantee—hedging etc.

For the purposes of section 15(2) of the Borrowing and Investment Powers Act 1987, the prescribed form of a certificate executed by the Treasurer is set out in Form 2 of Schedule 1.

Schedule 1

FORM 1

Regulation 5

CERTIFICATE OF GUARANTEE

Issued under section 12 of the Borrowing and Investment Powers Act 1987

The due satisfaction of the following is guaranteed by the Government of Victoria—

(a)the amounts payable by [name of authority] to [name of person providing financial benefit or the assistance] as a result of or in connection with the provision of the financial benefit or the assistance to obtain the financial benefit provided by [name of person providing financial benefit or the assistance] to [name of authority] on the terms and conditions set out in the Schedule below; and

(b)without limiting paragraph (a), the payment of expenses of enforcing or obtaining, or endeavouring to enforce or obtain, satisfaction of the amounts referred to in that paragraph.

Dated:

Treasurer of the State of Victoria.

SCHEDULE

[Set out terms and conditions of financial benefit or the assistance to provide a financial benefit]

(If necessary contract(s) may be annexed.)

FORM 2

Regulation 6

CERTIFICATE OF GUARANTEE

Issued under section 15 of the Borrowing and Investment Powers Act 1987

The due satisfaction of the following is guaranteed by the Government of Victoria—

(a)all amounts which become payable by [name of authority] to [name of other party to the financial arrangement] as a result of or in connection with the financial arrangement entered into by

[name of authority] and [name of other party to the financial arrangement], the terms and conditions of which are set out in the Schedule below; and

(b)without limiting paragraph (a), the payment of expenses of enforcing, or obtaining or endeavouring to enforce or obtain, satisfaction of the amounts referred to in that paragraph.

Dated:

Treasurer of the State of Victoria.

SCHEDULE

[Set out terms and conditions of financial arrangement]

(If necessary contract evidencing financial arrangement may be annexed.)

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Endnotes

1   General information

See for Victorian Bills, Acts and current Versions of legislation and up-to-date legislative information.

The Borrowing and Investment Powers (Guarantees) Regulations 2017, S.R. No. 25/2017 were made on 26 April 2017 by the Governor in Council under section 18 of the Borrowing and Investment Powers Act 1987, No. 13/1987 and came into operation on 30 April 2017: regulation 3.

The Borrowing and Investment Powers (Guarantees) Regulations 2017 will sunset 10 years after the day of making on 26 April 2027 (see section 5 of the Subordinate Legislation Act 1994).

INTERPRETATION OF LEGISLATION ACT 1984 (ILA)

Style changes

Section 54A of the ILA authorises the making of the style changes set out in Schedule 1 to that Act.

References to ILA s. 39B

Sidenotes which cite ILA s. 39B refer to section 39B of the ILA which provides that where an undivided regulation, rule or clause of a Schedule is amended by the insertion of one or more subregulations, subrules or subclauses the original regulation, rule or clause becomes subregulation, subrule or subclause (1) and is amended by the insertion of the expression "(1)" at the beginning of the original regulation, rule or clause.

Interpretation

As from 1 January 2001, amendments to section 36 of the ILA have the following effects:

•     Headings

All headings included in a Statutory Rule which is made on or after
1 January 2001 form part of that Statutory Rule.  Any heading inserted in a Statutory Rule which was made before 1 January 2001, by a Statutory Rule made on or after 1 January 2001, forms part of that Statutory Rule.
This includes headings to Parts, Divisions or Subdivisions in a Schedule; Orders; Parts into which an Order is divided; clauses; regulations; rules; items; tables; columns; examples; diagrams; notes or forms. 
See section 36(1A)(2A)(2B).

•     Examples, diagrams or notes

All examples, diagrams or notes included in a Statutory Rule which is made on or after 1 January 2001 form part of that Statutory Rule.  Any examples, diagrams or notes inserted in a Statutory Rule which was made before 1 January 2001, by a Statutory Rule made on or after 1 January 2001, form part of that Statutory Rule.  See section 36(3A).

•     Punctuation

All punctuation included in a Statutory Rule which is made on or after
1 January 2001 forms part of that Statutory Rule.  Any punctuation inserted in a Statutory Rule which was made before 1 January 2001, by a Statutory Rule made on or after 1 January 2001, forms part of that Statutory Rule.
See section 36(3B).

•     Provision numbers

All provision numbers included in a Statutory Rule form part of that Statutory Rule, whether inserted in the Statutory Rule before, on or after
1 January 2001.  Provision numbers include regulation numbers, rule numbers, subregulation numbers, subrule numbers, paragraphs and subparagraphs.  See section 36(3C).

•     Location of "legislative items"

A "legislative item" is a penalty, an example or a note.  As from 13 October 2004, a legislative item relating to a provision of a Statutory Rule is taken to be at the foot of that provision even if it is preceded or followed by another legislative item that relates to that provision.  For example, if a penalty at the foot of a provision is followed by a note, both of these legislative items will be regarded as being at the foot of that provision.  See section 36B.

•     Other material

Any explanatory memorandum, table of provisions, endnotes, index and other material printed after the Endnotes does not form part of a Statutory Rule.  See section 36(3)(3D)(3E).

2   Table of Amendments

There are no amendments made to the Borrowing and Investment Powers (Guarantees) Regulations 2017 by statutory rules, subordinate instruments and Acts.

3   Amendments Not in Operation

There are no amendments which were Not in Operation at the date of this publication.

4   Explanatory details

[1] Reg. 4: S.R. No. 29/2007.