Chapter 407
In short
This law authorises the Government of Malta to raise a specific sum of money through a loan within Malta to cover excess government spending in 1998 and 1999.
What it regulates
- The authority for the Government of Malta to raise a loan.
- The maximum amount of money that can be borrowed.
- The method for raising the loan (issuing stock).
- The specific purposes for which the borrowed money must be used.
Who it concerns
- The Government of Malta.
- The Minister responsible for finance.
Key points
- The Government of Malta may raise a loan not exceeding 232,937,339.86 euro.
- The loan is to be raised in Malta.
- The money is for meeting excess expenditure over revenue in the Consolidated Fund during 1998 and 1999.
- Any excess borrowed funds remaining at the end of 1999 shall be used for excess expenditure in the first subsequent year it occurs.
Legal text
Legal text
LOCAL LOAN CHAPTER 407 LOCAL LOAN 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 year 1998 and that expected to be incurred during the year
- 7th May, 1999 ACT III of 1999, as amended by Legal Notice 426 of
- The short title of this Act is the Local Loan Act. Short title.
- 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. Interpretation. 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 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). Authority to raise loan.
(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. 4. 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 year 1998, and that projected to be incurred during the year 1999: 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 1999, shall be used to meet excess expenditure over revenue in the Consolidated Fund during the first subsequent year in which such excess is incurred. Purpose.