Loan Act 1984
No.
94 of 1984
An Act to
authorize the borrowing and expending of moneys for certain purposes
[Assented to 21 September 1984]
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 1984.
Commencement
2. This Act shall come
into operation on the day on which it receives the Royal Assent.
PART II—BORROWING
AND EXPENDING OF MONEYS FOR DEFENCE PURPOSES
Authority
to borrow
3. The Treasurer may, from
time to time during the financial year ending on 30 June 1985, in accordance
with the provisions of the Commonwealth
Inscribed Stock Act 1911 or 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 total of the amounts authorized to be expended, after the commencement of
this Act and before the end of that financial year, for services specified
under the headings “DEPARTMENT OF DEFENCE” and “DEPARTMENT OF DEFENCE SUPPORT”
in—
(i)
the Supply Act (No. 1) 1984-85; and
(ii)
each other Act, whether passed before or after the commencement of this Act,
appropriating the Consolidated Revenue Fund for the service of that financial
year, being an Act that is expressed to have effect subject to this Act; and
(b)
the expenses of borrowing.
Application
of moneys borrowed under section 3
4. Moneys borrowed under
section 3 may be issued and expended for—
(a)
services referred to in paragraph 3 (a); and
(b)
the expenses of borrowing,
and
not otherwise.
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 1985, in accordance
with the provisions of the Commonwealth
Inscribed Stock Act 1911 or 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, the Treasurer 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, the Treasurer considers will be the expenses of
the borrowing.
Application
of moneys borrowed under section 5
6. Moneys borrowed under
section 5 may be issued and expended—
(a)
in making payments tothe credit of
the Consolidated Revenue Fund; and
(b)
for the expenses of borrowing,
and
not otherwise.
PART
IV—MISCELLANEOUS
Appropriation
7. The Loan Fund is appropriated to the extent necessary for the purposes of this Act.
Limitation
of expenditure
8. (1) Nothing in this Act, or
in an Act referred to in paragraph 3 (a), shall be taken to authorize the
expenditure for a service referred to in that paragraph 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 that paragraph exceeding the total
of the amounts authorized by the Acts referred to in that paragraph 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 paragraph 3 (a).
(3)