Loan
Act 1979
No.
97 of 1979
An Act to authorize the borrowing
and expending of moneys for defence purposes.
BE
IT ENACTED by the Queen, and the Senate and House of Representatives of the
Commonwealth of Australia, as follows:
Short title
1.
This Act may be cited as the Loan Act 1979.
Commencement
2. This Act shall come into operation on the day on which
it receives the Royal Assent.
Authority to
borrow $1,800,000,000
3.
The Treasurer may, from time to time during the financial year ending on 30
June 1980, in accordance with the provisions of the Commonwealth Inscribed
Stock Act 1911, or in accordance with the provisions of an Act authorizing
the issue of Treasury Bills, borrow moneys not exceeding in the aggregate
$1,800,000,000.
Application of
moneys borrowed
4. Moneys borrowed under section 3 shall be applied only
for the expenses of borrowing and for services specified under the heading
“DEPARTMENT OF DEFENCE” in the Supply Act (No. 1) 1979-80 or in
an Act passed after the commencement of this Act and appropriating the
Consolidated Revenue Fund for the service of the year ending on 30 June 1980,
being an Act that is expressed to have effect subject to section 5 of this Act.
Limitation of
expenditure
5.
(1) Nothing in this Act or in an Act referred to in section 4 shall be taken to
authorize the expenditure for a service referred to in section 4 of an amount
the expenditure of which would result in the total expenditure for that service
under this Act and the Acts referred to in section 4 exceeding the total of the
amounts authorized by the Acts referred to in section 4 to be expended in
respect of that service.
(2)
Sub-section (1) does not affect the expenditure of moneys appropriated under
the heading “ADVANCE TO THE MINISTER FOR FINANCE” in an Act referred to in
section 4.
(3)
Nothing in this Act shall be taken to authorize expenditure (otherwise than for
the expenses of borrowing) after 30 June 1980.