Loan Act 1999 (WA)

Western Australia

Loan Act 1999

No. 30 of 1999

An Act to authorize the borrowing of two hundred and sixty million dollars for redemption of maturing Financial Agreement debt.

[Assented to 7 July 1999]

The Parliament of Western Australia enacts as follows:

1.             Short title

This Act may be cited as the Loan Act 1999.

2.             Commencement

This Act shall come into operation on the day on which it receives the Royal Assent.

No. 30 of 1999 page 1

Loan Act 1999

s. 3

3.             Power to borrow money for redemption of Financial Agreement debt

(1)

The Governor may borrow sums of money, not exceeding in the

aggregate the sum of $260 000 000, 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.

4.             How sums borrowed are to be applied

(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.

(3)

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.

(4)

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).

5.             Principal, interest, etc., are payable out of Consolidated Fund

borrowings under the authority of this Act are payable out of the

The principal moneys, interest and other expenses of this section.

By Authority: JOHN A. STRIJK, Government Printer