CHAPTER
355
LOANS (INTER-AMERICAN DEVELOPMENT BANK) |
ARRANGEMENT OF
SECTIONS |
SECTION |
|
|
Borrowing from the Inter-American Development
Bank. |
Loans to be charged on Consolidated Fund. |
Power to issue and sign instruments. |
Implementation of obligations under loan
agreement. |
|
CHAPTER 355 |
LOANS
(INTER-AMERICAN DEVELOPMENT BANK) |
An Act to
provide for the raising or guaranteeing of loans from the Inter-American
Development Bank by the Government of The Bahamas for the purpose of financing
development projects in The Bahamas and for connected purposes. | 12 of 1977 |
[Assent 6th June,
1977]
[Commencement 16th June, 1977] |
1. This Act may be cited as the Loans (Inter-American
Development Bank) Act. | Short title. |
2. In this Act- | Interpretation. |
"Bank"
means the Inter-American Development Bank; |
"guarantee
agreement" means a guarantee agreement concluded under section 3(1); |
"loan agreement"
means a loan agreement concluded under section 3(1); |
"Minister"
means the Minister responsible for Finance. |
3. (1) Subject to the provisions of this Act and
section 17 of the Financial Administration and Audit Act, the Government may,
in such manner and on such terms and subject to such conditions as may be
agreed between the Government and the Bank, borrow or guarantee the borrowing
of such sums as may be required for the purpose of financing or promoting
economic and social development in The Bahamas from the Bank or from funds
administered by the Bank. | Borrowing from the Inter-American Development Bank. |
(2) For the
purposes of subsection (1), the Government may fully guarantee the borrowing of
sums from the Bank by agencies of the Government where the Government is
satisfied that such borrowing will promote economic and social development in
The Bahamas. |
(3) Any sums
borrowed or guaranteed under the authority of this Act shall be applied and are
hereby appropriated to the purposes for which they are so borrowed or
guaranteed as specified in the loan agreement or guarantee agreement in respect
of such sums. |
(4) Nothing in the
provisions of this section shall affect or derogate from any other power to
borrow or guarantee possessed by the Government. |
(5) A copy of
every loan agreement or guarantee agreement shall be laid before the House of
Assembly within thirty days of the conclusion of such agreement or, if the
House does not sit within that time, within thirty days after the commencement
of its next sitting. |
4. All amounts required for the payment of sums
borrowed or guaranteed by the Government under the authority of this Act and
for the payment of all interest and other charges on such sums shall be charged
on and shall be payable out of the Consolidated Fund. | Loans to be charged on Consolidated Fund. |
5. (1) The Minister may issue such instruments
including bonds, on such terms and conditions as may be necessary for the
purposes of any loan agreement or guarantee agreement. | Power to issue and sign instruments. |
(2) Any bonds or
other instruments issued under subsection (1) may be signed by the Minister or
such person as the Minister may from time to time designate. |
6. Notwithstanding any law in force in The Bahamas, a
loan agreement or guarantee agreement and any instrument issued under section 5
shall be valid and enforceable and shall have full force and effect in
accordance with its terms. | Implementation of obligations under loan agreement. |
7. Any dispute between the Government and the Bank and
any claim by the one against the other arising under any loan agreement or
guarantee agreement or any instrument issued under section 5 which is not
determined by agreement between the parties shall be submitted to arbitration
in a manner to be agreed between them. | Arbitration. |