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Local Loan Act (Cap. 388) Consolidated

L O C A L L O A N [ CAP. 388. 1

CHAPTER 388

LOCAL LOAN ACT

To authorise that a sum not exceeding seventy million Maltese liri be raised in Malta by way of loan for the purpose of meeting excess expenditure over revenue incurred in the Consolidated Fund during the year 1995 and that expected to be incurred during the year 1996.

(2 April, 1996)*

Enacted by ACT XII of 1996.

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

2. For the purpose of this Act, "revenue" has the same meani ng as is assi gned to it i n secti on 2 of th e Financial Administration and Audit Act but does not include proceeds from local loans.

3. (1) Subject to the provisions of this Act, the Government of Malta may raise in Malta, by way of loan, a sum of money not exceeding seventy million liri.

(2) For the purpose of raising the aforesaid loan the Minister responsible for finance is hereby authorised to issue stock in Malta und er t he p rov isio ns of t he Local Loans (Registered St ock and Securities) Ordinance on su ch term s and cond ition s as th e said Minister may approve.

Short title.

Interpretation. Cap. 174.

Authority to raise loan.

Cap. 161.

4. Any money borrowed under the authority of this Act shall be appropria ted and applied for the purpose of meeting excess expenditure over revenue incurred in the Consolidated Fund during the year 1995, and that projected to he incurred during the year

1996 and as appears in the approved estimates for that year:
Provided that any amount borrowed under this section in excess of the amount actually required for the said purposes and remaining as a balance in the Consolidated Fund at the end of 1996, shall be used to meet excess ex pendi ture over revenue in the Consolidated Fund during the first subsequent year in which such excess is incurred.

Purpose.

*See Government Notice No. 212 of 2nd April, 1996.