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Local Loan Act (Cap. 401) Consolidated

L O CA L LOAN [ CAP. 401. 1

CHAPTER 401

LOCAL LOAN ACT

To authorise that a sum not exceeding one hundred and ten 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 1997 and that expected to be incurred during the year 1998.

(29th May, 1998)*

ACT XIII of 1998, as amended by Legal Notice 426 of 2007.

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

2. For the purposes of this Act, "revenue" has the same me aning as is assigned to it in section 2 of the 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 two hundred and fifty-six million and two hundred and thirty-one thousand and seventy-three euros and eighty-four cents (256,231,073.84).

(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.

Amended by:

L.N. 426 of 2007.

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 1997, and that projected to be incurred during the year

1998:

Purpose.

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 1998, 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.

*See Government Notice No. 427 of 29th May, 1998.