DEVELOPMENT LOCAL LOAN ORDINANCE

DEVELOPMENT LOCAL LOAN

CHAPTER 162

DEVELOPMENT LOCAL LOAN ORDINANCE

To authorise a sum of nine million, three hundred and seventeen

thousand and four hundred and ninety-three euro and fifty-nine cents

(9,317,493.59) to be raised in Malta by way of a loan for the purpose of

financing development works.

(4th December, 1959) *

ORDINANCE XIX of 1959, as amended by Act XXXI of 1961; Legal

Notice 46 of 1965; Acts: LVIII of 1974 and XIII of 1983; and Legal Notice

410 of 2007.

The short title of this Ordinance is the Development Local

Loan Ordinance.

The President of Malta is hereby authorised to issue in

Malta under the provisions of the Local Loans (Registered Stock

and Securities) Ordinance, stock or securities or both to an amount

sufficient to produce as nearly as may be the sum of nine million,

three hundred and seventeen thousand and four hundred and ninety-

three euro and fifty-nine cents (9,317,493.59) and such further sum

as may be necessary to defray the expenses of any such issue.

(1) Any sum raised to defray the expenses of any such

issue shall be applied only to that purpose.

(2) Save as aforesaid, the money to be borrowed under the

authority of this Ordinance shall be appropriated and applied to the

purposes specified in the Malta Development Plan for the period lst

April 1959 to 31st March 1964, and in any modification,

amendment or extension thereof as may be approved from time to

time by the President of Malta.

The first contribution to the sinking fund as contemplated

by the provisions of article 6(1)(e) and of article 25 of the Local

Loans (Registered Stock and Securities) Ordinance, shall be made

not later than three years after the date from which the interest on

the loan hereby authorised shall commence to run.

*See Government Notice No.719 of the 4th December, 1959.