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This is a Bill, not an Act. For current law, see the Acts databases.
GUARANTEE OF STATE AND TERRITORY BORROWING APPROPRIATION BILL 2009
2008-2009
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Guarantee of State and Territory
Borrowing Appropriation Bill 2009
No. , 2009
(Treasury)
A Bill for an Act to provide for an appropriation
for the Australian Government Guarantee of State
and Territory Borrowing, and for related purposes
i Guarantee of State and Territory Borrowing Appropriation Bill 2009 No. , 2009
Contents
1
Short title ............................................................................................ 1
2
Commencement .................................................................................. 1
3
Definitions .......................................................................................... 2
4
Application within and outside Australia ........................................... 2
5
Appropriation...................................................................................... 2
6
Borrowing ........................................................................................... 2
Guarantee of State and Territory Borrowing Appropriation Bill 2009 No. , 2009 1
A Bill for an Act to provide for an appropriation
1
for the Australian Government Guarantee of State
2
and Territory Borrowing, and for related purposes
3
The Parliament of Australia enacts:
4
1 Short title
5
This Act may be cited as the Guarantee of State and Territory
6
Borrowing Appropriation Act 2009.
7
2 Commence ment
8
This Act commences on the day on which it receives the Royal
9
Assent.
10
Section 3
2 Guarantee of State and Territory Borrowing Appropriation Bill 2009 No. , 2009
3 Definitions
1
In this Act:
2
Deed of Guarantee means a deed of guarantee that:
3
(a) is executed on behalf of the Commonwealth in 2009 (whether
4
before, on or after the commencement of this Act); and
5
(b) is entitled "Deed of Guarantee in respect of the Australian
6
Government Guarantee of State and Territory Borrowing";
7
as that deed is in force from time to time.
8
Scheme Rules means the Scheme Rules identified in the Deed of
9
Guarantee, as those Rules are in force from time to time.
10
4 Application within and outside Australia
11
This Act applies both within and outside Australia.
12
5 Appropriation
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The Consolidated Revenue Fund is appropriated for the following
14
purposes:
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(a) paying claims under the Deed of Guarantee in accordance
16
with the Scheme Rules;
17
(b) repaying a borrowing, and paying interest on a borrowing,
18
made under section 6.
19
6 Borrowing
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(1) The Minister may, on behalf of the Commonwealth, borrow money
21
for the purposes of paying claims under the Deed of Guarantee in
22
accordance with the Scheme Rules.
23
(2) However, a borrowing in accordance with subsection (1) must not
24
be for a period longer than 24 months.
25
(3) In this section:
26
borrow includes raise money or obtain credit, whether by dealing
27
in securities or otherwise, but does not include obtain credit in a
28
Section 6
Guarantee of State and Territory Borrowing Appropriation Bill 2009 No. , 2009 3
transaction forming part of the day-to-day operations of the
1
Commonwealth.
2