Resolution of Parliament to Raise Funds
by the Issue of Savings Bonds – Section 3 (Statutory Instrument 70/2023)
Statutory Instrument 70/2023 .. in force 19 June 2023
Commencement [19 June 2023]
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RESOLUTION
WHEREAS it is provided under section 3 of the National Savings and Development Bonds Act (the Act) that by 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 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 Act that the bonds shall be issued in such form and on such terms and conditions as the Minister responsible for finance directs;
AND WHEREAS the Minister of Finance considers it necessary to raise on the Regional Government Securities Market or through private placement at a maximum interest rate of 7% per annum —
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(a) the amount of EC$32,100,000.00 for financing the 2023/24 Budget;
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(b) the amount of EC$433,500,000.00 for refinancing existing debts;
BE IT RESOLVED that Parliament authorizes the Minister of Finance to raise on the Regional Government Securities Market or through private placement at a maximum interest rate of 7% per annum —
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(a) the amount of EC$32,100,000.00 for financing the 2023/24 Budget;
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(b) the amount of EC$433,500,000.00 for refinancing existing debts.