Loan Act 1993 (WA)

WESTERN AUSTRALIA

L ACT 1993

No. 51 of 1993

AN ACT to authorize the borrowing of $183 000 000 for public purposes generally and $95 000 000 for redemption of maturing Financial Agreement debt .

[Assented to 22 December 1993 .1

The Parliament of Western Australia enacts as follows :

Short title

1.    This Act may be cited as the Loan Act 1993 .

Commencement

2.    This Act shall come into operation on the day on which it

receives the Royal Assent .

No. 51] Loan Act 1993

s.3

Power to borrow money

3.     (1) The Governor may borrow the following sums of money

from the Western Australian Treasury Corporation or

elsewhere -

(a)	for public purposes generally - sums of money not exceeding in the aggregate the sum of $183 000 000 ; and
(b)	for the purpose of the redemption of loans raised by the Commonwealth on behalf of the State under the Financial Agreement with the authority of Loan Acts - sums of money not exceeding in the aggregate the sum of $95 000 000.

(2) In subsection (1) (b) "Financial Agreement" has the same

meaning as in the Financial Administration and Audit Act 1985 .

How sums borrowed are to be dealt with

4. (1) All sums borrowed under the authority of section 3 (1) (a) are to be paid to the Treasurer and credited to the

Consolidated Fund .

(2) All sums borrowed under the authority of section 3 (1) (b)

are to be paid to the Treasurer and credited to an account called

the "Redemption of Financial Agreement Debt Account" .

(3) The Redemption of Financial Agreement Debt Account is

to form part of the Trust Fund constituted under the Financial

Administration and Audit Act 1985 .

The moneys standing to the credit of the Redemption of Financial Agreement Debt Account are to be applied for the purpose mentioned in section 3 (1) (b) and for that purpose only .

(4)

Loan Act 1993 [No. 51

s.5

(5) Section 3 (1) (b) and subsection (4) have effect

notwithstanding the provisions of the Loan Acts that authorized

the raising of the loans mentioned in section 3 (1) (b).

Principal, interest, etc ., are payable

out of Consolidated Fund

5. The principal moneys, interest and other expenses of borrowings under the authority of this Act are payable out of the Consolidated Fund and this section appropriates that Fund accordingly.