LOCAL LOAN ACT

LOCAL LOAN

CHAPTER 428

LOCAL LOAN ACT

AN ACT to authorise that a sum not exceeding one hundred 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 years 1999 and 2000 and that expected to be incurred during the year

2001. 23rd February, 2001

ACT VII of 2001 , as amended by Legal Notice 426 of 2007 .

The short title of this Act is the Local Loan Act.

For the purposes of this Act, "revenue" has the same

meaning as is assigned to it in article 2 of the Public Finance

Management Act, but does not include proceeds from local loans.

(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 two hundred and thirty-two million and nine hundred

and thirty-seven thousand and three hundred and thirty-nine euro

and eighty-six cents (232,937,339.86).

(2) For the purpose of raising the aforesaid loan the Minister

responsible for finance is hereby authorised to issue stock in Malta

under the provisions of the Local Loans (Registered Stock and

Securities) Ordinance on such terms and conditions as the said

Minister may approve.

Any money borrowed under the authority of this Act shall

be appropriated and applied for the purpose of meeting excess

expenditure over revenue incurred in the Consolidated Fund during

the years 1999 and 2000, and that projected to be incurred during

the year 2001

Provided that any amount borrowed under this article in

excess of the amount actually required for the said purposes and

remaining as a balance in the Consolidated Fund at the end of 2001,

shall be used to meet excess expenditure over revenue in the

Consolidated Fund during the first subsequent year in which such

excess is incurred.