Loan Act 1983
No. 3 of 1983
An Act to amend
the Loan Act(No. 2) 1982 and to authorize the borrowing of moneys for the
purpose of supplementing the Consolidated Revenue Fund, and for related
purposes
[Assented to 27 April 1983]
BE
IT ENACTED by the Queen, and the Senate and the House of Representatives of the
Commonwealth of Australia, as follows:
PART
I—PRELIMINARY
Short
title
1. This Act may be cited
as the Loan Act 1983.
Commencement
2. This Act shall come
into operation on the day on which it receives the Royal Assent.
PART
II—AMENDMENT OF THE LOAN ACT (NO. 2) 1982
Principal
Act
3. The Loan Act (No. 2) 19821is in this Part referred to as the
Principal Act.
Authority
to borrow
4. Section 3 of the
Principal Act is amended by omitting “$1,500,000,000” and substituting “$2,700,000,000”.
PART
III—SUPPLEMENTATION OF THE CONSOLIDATED REVENUE FUND
Authority
to borrow
5. The Treasurer may, from
time to time during the financial year ending on 30 June 1983, 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 that, together with any
moneys previously borrowed under this section, do not exceed the sum of—
(a)
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 Part, for
expenditure from the Consolidated Revenue Fund in that financial year are
likely to be less than the amount of the expenditure made, and to be made, from
the Consolidated Revenue Fund in that financial year; and
(b)
the amount that, at that time, he considers will be the expenses of the
borrowing.
Application
of moneys borrowed
6. Moneys borrowed under
section 5 shall be issued and expended—
(a)
in making payments to the credit of the Consolidated Revenue Fund; and
(b)
for the expenses of borrowing, and not otherwise.
Appropriation
7. The Loan Fund is
appropriated to the extent necessary for the purposes of this Part.
NOTE
1.
No. 107, 1982.