Loan Act 1995 (WA)

WESTERN AUSTRALIA

LOAN ACT 1995

No. 69 of 1995

AN ACT to authorize the borrowing of ninety million dollars for redemption of maturing Financial Agreement debt.

[Assented to 27 December 1995.]

The Parliament of Western Australia enacts as follows:

Short title

1. This Act may be cited as the Loan Act 1995.

Commencement

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

receives the Royal Assent.

No. 69] Loan Act 1995

Power to borrow money for redemption

of Financial Agreement debt

3. (1) The Governor may borrow sums of money, not

exceeding in the aggregate the sum of $90 000 000, from the Western Australian Treasury Corporation or elsewhere 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.

(2) In this section "Financial Agreement" has the same

meaning as in the Financial Administration and Audit Act 1985.

How sums borrowed are to be applied

4. (1) All sums borrowed under the authority of section 3 are

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

"Redemption of Financial Agreement Debt Account".

(2)

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) and for that purpose only.

(3)

Section 3 and subsection (3) have effect notwithstanding

the provisions of the Loan Acts that authorized the raising of the

loans mentioned in section 3 (1).

(4)

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 that Fund is appropriated accordingly by this section.