Loan Act 1985
No. 128 of 1985
TABLE OF
PROVISIONS
PART
I—PRELIMINARY
Section
1. Short title
2. Commencement
3. Interpretation
PART II—BORROWING AND EXPENDING OF
MONEY FOR DEFENCE PURPOSES
4. Authority to borrow
5. Application of money borrowed under
section 4
PART III—SUPPLEMENTATION OF THE
CONSOLIDATED REVENUE FUND
6. Authority to borrow
7. Application of money borrowed under
section 6
PART IV—MISCELLANEOUS
8. Appropriation
9. Limitation of expenditure
Loan Act 1985
No. 128 of 1985
An Act to
authorise the borrowing and expending of money for certain purposes
[Assented to 28 October 1985]
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 1985.
Commencement
2. This Act shall come
into operation on the day on which it receives the Royal Assent.
Interpretation
3. In this Act, unless the
contrary intention appears—
“prescribed
year” means the financial year ending on 30 June 1986;
“relevant
Act”, in relation to the prescribed year, means—
(a)
the Supply Act (No. 1) 1985-86; or
(b)
an Act, whether passed before or after the commencement of this Act,
appropriating the Consolidated Revenue Fund for the service of the prescribed
year ending on 30 June 1986, being an Act that is expressed to have effect
subject to this Act;
“relevant
service”, in relation to the prescribed year, means a service specified under
the heading “DEPARTMENT OF DEFENCE” in a relevant Act for the prescribed year.
PART
II—BORROWING AND EXPENDING OF MONEY FOR DEFENCE PURPOSES
Authority
to borrow
4. The Treasurer may, from
time to time during the prescribed year, in accordance with the provisions of
the Commonwealth Inscribed Stock Act 1911
or an Act authorising the issue of Treasury Bills, borrow money that,
together with any money previously borrowed under this section during the
prescribed year, does not exceed the sum of—
(a)
the total of the amounts authorised to be expended after the commencement of
this Act and before the end of the prescribed year, for relevant services for
the prescribed year; and
(b)
the expenses of borrowing.
Application
of money borrowed under section 4
5. Money borrowed under
section 4 in the prescribed year may be issued and expended for—
(a)
relevant services for the prescribed year; and
(b)
the expenses of borrowing, and not otherwise.
PART
III—SUPPLEMENTATION OF THE CONSOLIDATED REVENUE FUND
Authority
to borrow
6. The Treasurer may, from
time to time during the prescribed year, in accordance with the provisions of
the Commonwealth Inscribed Stock Act 1911
or an Act authorising the issue of Treasury Bills, borrow money that,
together with any money previously borrowed under this section during the
prescribed year, does 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 money lawfully available, apart from this
Part, for expenditure from the Consolidated Revenue Fund in the prescribed year
is likely to be less than the amount of the expenditure made, and to be made,
from the Consolidated Revenue Fund in the prescribed year; and
(b)
the amount that, at that time, the Treasurer considers will be the expenses of
the borrowing.
Application
of money borrowed under section 6
7. Money borrowed under
section 6 may 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.
PART
IV—MISCELLANEOUS
Appropriation
8. The Loan Fund is
appropriated to the extent necessary for the purposes of this Act.
Limitation
of expenditure
9. (1) Nothing in this Act, or in a relevant Act for the prescribed
year, shall be taken to authorise the expenditure for a relevant service for
the prescribed year of an amount the expenditure of which would result in the
total expenditure for that service under this Act and the relevant Acts for the
prescribed year exceeding the total of the amounts authorised by the relevant
Acts for the prescribed year to be expended in respect of that service.
(2) Sub-section (1) does not
affect the expenditure of money appropriated under the heading “ADVANCE TO THE
MINISTER FOR FINANCE” in a relevant Act for the prescribed year.
[Minister’s second reading speech made in—
House of Representatives on 11
September 1985
Senate on 14 October 1985