Resolution of Parliament to Raise Funds
by the Issue of Savings Bonds – Section 3 (Statutory Instrument 45/2019)
Statutory Instrument 45/2019 .. in force 6 May 2019
Commencement [6 May 2019]
-
RESOLUTION
WHEREAS it is provided by section 3 of the National Savings and Development Bonds Act, that under the authority of a resolution of 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 EC$2,400,000,000.00 for financing capital or other expenditure and for 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 —
-
(a) the amount of EC$215,000,000.00 for financing the 2019/2020 Budget, through the issuance of bonds on the Regional Government Securities Market or through Private placements at a maximum rate of 7.25%;
-
(b) the amount of EC$380,000,000.00 for refinancing of existing debts through the issuance of bonds on the Regional Government Securities Market or through private placements at a maximum rate of 6%;
BE IT RESOLVED that Parliament authorises the Minister for Finance to raise —
-
(a) the amount of EC$215,000,000.00 for financing the 2019/2020 Budget, through the issuance of bonds on the Regional Government Securities Market or through private placements at a maximum rate of 7.25%;
-
(b) the amount of EC$380,000,000.00 for refinancing the existing debts through the issuance of bonds on the Regional Government Securities Market or through private placements at a maximum rate of 6%.