RESOLUTION OF PARLIAMENT TO BORROW FOR CAPITAL AND CURRENT EXPENDITURE TO FINANCE THE PATIENCE COMMUNITY WATER SUPPLY PROJECT – SECTION 62(1)
Commencement [29 November 2023]
RESOLUTION
WHEREAS it is provided by section 62(1) of the Public Finance Management Act, (the Act), that the Minister of Finance may, by an affirmative Resolution of Parliament, borrow from a bank or other financial institution for the capital or current expenditure of Government;
AND WHEREAS it is further provided by section 64 of the Act that money borrowed by the Government must be paid into and form part of the Consolidated Fund;
AND WHEREAS the Minister of Finance considers it necessary to borrow an amount of USD1,203,224.00 (the loan) from the CARICOM Development Fund (the Fund) to finance the Patience Community Water Supply Project;
AND WHEREAS the loan is repayable in 10 years commencing from the first due date after a grace period of 2 years following the date of the first disbursement;
AND WHEREAS the loan is repayable in 40 equal or approximately equal and consecutive quarterly instalments;
AND WHEREAS the loan payments commence on the 30th day of March, the 30th day of June, the 30th day of September and the 30th day of December of each year;
AND WHEREAS interest is payable at a rate of 3% per annum on the amount of the loan disbursed and outstanding;
BE IT RESOLVED that Parliament authorizes the Minister of Finance to borrow an amount of USD1,203,224.00 (the loan) from the CARICOM Development Fund (the Fund) to finance the Patience Community Water Supply Project;
BE IT FURTHER RESOLVED that —
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(a) the loan is repayable in 10 years commencing from the first due date after a grace period of 2 years following the date of the first disbursement;
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(b) the loan is repayable in 40 equal or approximately equal and consecutive quarterly instalments;
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(c) the loan payments commence on the 30th day of March, the 30th day of June, the 30th day of September and the 30th day of December of each year;
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(d) the interest is payable at a rate of 3% per annum on the amount of the loan disbursed and outstanding.