Resolution of Parliament to Raise Funds
by the Issue of Savings Bonds – Section 3 (Statutory Instrument 71/2021)
Statutory Instrument 71/2021 .. in force 26 April 2021
Commencement [26 April 2021]
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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 of Finance may raise, by the issue of savings bonds inside and outside of Saint Lucia, money up to the amount of XCD2,400,000,000, 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 of 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 rate of 7% —
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(a) the amount of XCD237,200,000 for financing the 2021/22 Budget;
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(b) the amount of XCD383,700,000 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 rate of 7%—
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(a) the amount of XCD237,200,000 for financing the 2021/22 Budget;
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(b) the amount of XCD383,700,000 for refinancing existing debts.