LOCAL LOAN ACT

LOCAL LOAN

CHAPTER 401

LOCAL LOAN ACT

To authorise that a sum not exceeding one hundred and ten million

Maltese liri be raised in Malta by way of loan for the purpose of meeting

excess expenditure over revenue incurred in the Consolidated Fund during

the year 1997 and that expected to be incurred during the year 1998.

(29th May, 1998) *

ACT XIII of 1998 , as amended by Legal Notice 426 of 2007 .

The short title of this is the Local Loan Act.

It-titolu fil-qosor ta’ dan l-Att huwa l-Att dwar Self Lokali.

For the purposes of this Act, "revenue" has the same

meaning as is assigned to it in article 2 of the Public Finance

Management Act, but does not include proceeds from local loans.

(1) Subject to the provisions of this Act, the Government

of Malta may raise in Malta, by way of loan, a sum of money not

exceeding two hundred and fifty-six million and two hundred and

thirty-one thousand and seventy-three euro and eighty-four cents

(256,231,073.84).

(2) For the purpose of raising the aforesaid loan the Minister

responsible for finance is hereby authorised to issue stock in Malta

under the provisions of the Local Loans (Registered Stock and

Securities) Ordinance on such terms and conditions as the said

Minister may approve.

Any money borrowed under the authority of this Act shall

be appropriated and applied for the purpose of meeting excess

expenditure over revenue incurred in the Consolidated Fund during

the year 1997, and that projected to be incurred during the year

1998

Provided that any amount borrowed under this article in

excess of the amount actually required for the said purposes and

remaining as a balance in the Consolidated Fund at the end of 1998,

shall be used to meet excess expenditure over revenue in the

Consolidated Fund during the first subsequent year in which such

excess is incurred.

*See Government Notice No. 427 of 29th May, 1998.