Loan Act 1980
No. 120 of 1980
An Act to authorize the borrowing and expending
of moneys for defence purposes
[Assented
to 13 September 1980]
BE
IT ENACTED by the Queen, and 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 1980.
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 30 June 1981, 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 $900,000,000.
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) 1980-81 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 1981, 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)