Bermuda Consolidated Legislation

BERMUDA
1987 : 7

BERMUDA COLLEGE BUILDINGS RESERVE FUND ACT 1987

ARRANGEMENT OF SECTIONS

1 Short title

2 Interpretation

3 Fund established

4 Composition of Fund

5 Application of Fund

6 Management of Fund

7 Withdrawal of money from Fund

8 Payments from Fund

9 Deposit and investment of Fund

10 Fund not taxable

11 Accounts

12 Audit

13 Laying of accounts

14 Closing of Fund

[27 March 1987]

[preamble and words of enactment omitted]

Short title

1 This Act may be cited as the Bermuda College Buildings Reserve Fund Act 1987.

Interpretation

2 In this Act, unless the context otherwise requires—

"College" means the Bermuda College;

"Fund" means the Bermuda College Buildings Reserve Fund es tablished under section 3;

"Minister" means the Minister of Finance.

Fund established

3 There is hereby established a fund to be known as the Bermuda College Buildings Reserve Fund to be applied for the purposes specified in section 5.

Composition of Fund

4 (1) The Fund shall consist of—

(a) sums appropriated to it by the Legislature;

(b) sums accruing by way of interest on moneys of the Fund deposited or invested under the provisions of this Act;

(c) such other sums that may lawfully accrue to it.

(2) The Minister shall not allow the Fund to go into deficit.

Application of Fund

5 The Fund shall be applied for the following purposes—

(a) to design and construct buildings for the College;

(b) to provide fixed and mobile plant, equipment and fur nishings for the College;

(c) to execute the necessary road works and landscaping relating to the site of the buildings mentioned in para graph (a);

(d) to instal utilities and execute other works for the College;

(e) to pay expenses properly incurred for carrying out the purposes of this section.

Management of Fund

6 The Fund shall be managed and controlled by the Minister who may give such directions as specified in this Act and all the costs in curred in administering the Fund shall be a charge on the Consolidated Fund.

Withdrawal of money from Fund

7 No money shall be withdrawn from the Fund except upon the authority of a warrant under the hand of the Minister who shall consult with the Minister charged with responsibility for Education before he is-
sues such a warrant.

Payments from Fund

8 Where money is withdrawn from the Fund it shall be advanced to all or any of the following—

(a) to the College;

(b) to an agency that the Minister has approved in writing for carrying out any purpose Under section 5; or

(c) to the Consolidated Fund.

Deposit and investment of Fund

9 (1) The Fund may be deposited with the Accountant General at market rates of interest and the deposits shall not constitute borrowing for the purposes of the Temporary Loans Act 1973 [title 15 item 24] or the Government Loans Act 1978 [title 15 item 23].

(2) Any part of the Fund that is not required for early dis bursement may be invested in accordance with the Public Funds Act 1954 [title 15 item 1] and all sums accruing by way of interest on the in vestments form part of and shall be paid into the Fund.

(3) The Bermuda Monetary Authority shall act as investment manager in respect of the Fund and shall so act subject to directions of the Minister.

Fund not taxable

10 The Fund shall not be subject to any tax.

Accounts

11 The Accountant General shall cause proper accounts of the Fund to be maintained on an accrual basis.

Audit

12 (1) The accounts of the Fund shall be audited annually by the Auditor.

(2) The Auditor shall, as soon as practicable after the end of each financial year, forward to the Minister —

(a) a report of the operations of the Fund during that year,

(b) a copy of the accounts of the Fund for that year certified by him.

(3) The report prepared for the purposes of subsection (2)(a) shall set out any directions given by the Minister during that year.

(4) For the purposes of this section "financial year" means the period of twelve months extending from 1st April in any year to 31st March in the year next following.

Laying of accounts

13 The Minister shall, within six months of the Auditor's issuing his certificate on the accounts of the Fund for any financial year, lay copies of the accounts before the House of Assembly.

Closing of Fund

14 The Minister may by Order close the Fund and any credit or bal ance remaining after allowing for outstanding liabilities shall be paid into the Consolidated Fund.