Loan
No.
31 of 1970
An Act to authorize the Raising and
Expending of Moneys for Defence Purposes.
[Assented to 20 June 1970]
BE
it enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of
Representatives of the Commonwealth of Australia, as follows:—
Short
title.
1. This Act may be cited as
the Loan Act 1970.
Commencement.
2. This Act shall come into
operation on the day on which it receives the Royal Assent.
Authority
to borrow.
3. The Treasurer may, from
time to time during the financial year ending on the thirtieth day of June, One
thousand nine hundred and seventy, in accordance with the provisions of the Commonwealth Inscribed Stock Act 1911–1966,
or in accordance with the provisions of an Act authorizing the issue of
Treasury Bills, borrow moneys that, together with any moneys previously
borrowed under this section, do not exceed the
amount
that, at the time of the borrowing, he considers to be the greatest amount by
which the moneys lawfully available, apart from this Act, for expenditure by
the Commonwealth in that financial year are likely to be less than the amount
of the expenditure authorized to be made by the Commonwealth in that financial
year.
Appropriation.
4. Moneys borrowed under this Act shall be issued and applied only for
the expenses of borrowing and for the purposes of services specified in the
Second Schedule to the Appropriation Act (No. 1) 1969–70, and in the Schedule to
the Appropriation Act (No. 3) 1969–70, under the heading “DEFENCE
SERVICES”.
Limitation
of expenditure.
5.—(1.) Nothing in this Act, in the Appropriation Act (No. 1) 1969–70 or in the Appropriation
Act (No. 3) 1969–70 authorizes
the expenditure for a service specified in the Second Schedule to the Appropriation Act (No. 1) 1969–70, or in the Schedule to the Appropriation Act (No. 3)
1969–70, under the heading “DEFENCE SERVICES” of an amount the expenditure of
which would result in the total expenditure under those Acts for that service
exceeding the amount, or the total of the amounts, so specified in respect of
that service.
(2.) The last preceding sub-section does not affect
the expenditure of the moneys appropriated by the Appropriation Act (No. 1)
1969–70 under Division No. 560—Advance to the Treasurer.
(3.) Nothing in this Act authorizes expenditure
(otherwise than for the expenses of the borrowing of moneys authorized to be
borrowed by section 3 of this Act) after the thirtieth day of June, One
thousand nine hundred and seventy.