Loan Act (No. 2)
1983
No. 50 of 1983
An
Act to authorize the borrowing and expending of moneys for certain purposes
[Assented to 29 September 1983]
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 (No. 2) 1983.
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 1984, 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) 1983-84; 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 1984, 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, he 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,
he 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 to the
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)