LOAN ACT (No. 3) 1976
No. 90 of 1976
An Act to authorize the Borrowing and Expending of
Moneys for Defence Purposes.
BE IT ENACTED by the Queen, and the Senate
and House of Representatives of the Commonwealth of Australia, as follows:—
Short title.
1. This Act may be cited as the Loan Act (No.
3) 1976.
Commencement.
2. This Act shall come into operation on the day
on which it receives the Royal Assent.
Authority to borrow $1,600,000,000.
3. The Treasurer may, from time to time during
the financial year ending on 30 June 1977, in accordance with the provisions of
the Commonwealth Inscribed Stock Act 1911,
or in accordance with the provisions of an Act authorizing the issue of
Treasury Bills, borrow moneys not exceeding in the whole $1,600,000,000.
Application or moneys borrowed.
4. Moneys borrowed under section 3 shall be
applied only for the expenses of borrowing and for services specified under the
heading “DEPARTMENT OF DEFENCE” in
the Supply Act (No. 1) 1976-77 or in an Act passed after the commencement
of this Act and appropriating the Consolidated Revenue Fund for the service of
the year that commenced on 1 July 1976, being an Act that is expressed to have
effect subject to section 5 of this Act.
Limitation of expenditure.
5. (1)
Nothing in this Act or in an Act referred to in section 4 shall be taken to
authorize the expenditure for a service referred to in section 4 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 section 4 exceeding the total of the
amounts authorized by the Acts referred to in section 4 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 TREASURER”.
(3) Nothing in this Act shall be taken to
authorize expenditure (otherwise than for the expenses of borrowing) after 30
June 1977.