Chapter 428
In short
This law, called the Local Loan Act, authorizes the Government of Malta to raise money through a loan within Malta. The purpose of this loan is to cover excess government spending that occurred in 1999 and 2000, and is expected in 2001.
What it regulates
- The raising of a specific sum of money by way of loan in Malta.
- The issuance of stock by the Minister responsible for finance to raise this loan.
- The appropriation and application of the borrowed money.
- The use of any leftover borrowed funds.
Who it concerns
- The Government of Malta.
- The Minister responsible for finance.
Key points
- The Government of Malta may raise a sum not exceeding 232,937,339.86 Euro.
- The loan is to meet excess expenditure over revenue in the Consolidated Fund during the years 1999, 2000, and 2001.
- Any borrowed amount not used by the end of 2001 will be used for excess expenditure in the first subsequent year it occurs.
- "Revenue" for this Act does not include proceeds from local loans.
Legal text
Legal text
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
- 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. 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). Raising of loan. Amended by: L.N. 426 of 2007.
(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 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. Purpose.