Resolution of Parliament to Raise Funds
by the Issue of Savings Bonds – Section 3 (Statutory Instrument 44/2018)
Statutory Instrument 44/2018 .. in force 14 May 2018
Commencement [14 May 2018]
-
RESOLUTION
WHEREAS it is provided by section 3 of the National Savings and Development Bonds Act, that under the authority of a resolution Parliament, the Minister responsible for finance may raise, by the issue of savings bonds inside and outside of Saint Lucia, money up to the amount of $EC2,400,000,000, for financing such capital or other expenditure and for such debt refinancing, as he or she determines;
AND WHEREAS it is further provided under section 4 of the National Savings and Development Bonds Act, that the bonds shall be issued in such form and on such terms and conditions as the Minister responsible for finance may direct;
AND WHEREAS the Minister for finance considers it necessary to raise, on the Regional Government Securities Market or through private placement at a maximum rate of 7.25% —
-
(a) the amount of EC$200,000,000 for financing the 2018/19 budget;
-
(b) the amount of EC$485,000,000 for refinancing existing debts;
BE IT RESOLVED that Parliament authorizes the Minister for finance to raise on the Regional Government Securities Market or through private placement at a maximum rate of 7.25% —
-
(a) the amount of EC$200,000,000 for financing the 2018/19 budget;
-
(b) the amount of EC$485,000,000 for refinancing existing debts.