Commonwealth Consolidated Acts

DEVELOPMENT ALLOWANCE AUTHORITY ACT 1992 - SECT 93H

[Meaning of refinancing infrastructure borrowing ]

             (1)  A refinancing infrastructure borrowing is a borrowing of money where:

                     (a)  the borrower requirements set out in section 93I are met; and

                     (b)  the borrower intends, at the time of the borrowing, to use the money borrowed only:

                              (i)  to repay the whole or part of any of the following borrowings:

                                        (A)  a direct infrastructure borrowing; or

                                        (B)  an indirect infrastructure borrowing; or

                                        (C)  a borrowing that is a refinancing infrastructure borrowing because of another application of this subsection;

                                   where a certificate held by the borrower is in force in relation to the borrowing to be wholly or partly repaid; and

                             (ii)  if the money is not able to be used to make the repayment immediately after it is borrowed--by investing it in a prescribed investment until it is.

[Interpretive provision]

             (2)  For the purposes of references in this Chapter, a refinancing infrastructure borrowing relates to a direct infrastructure borrowing or to an indirect infrastructure borrowing if the repayment mentioned in subparagraph (1)(b)(i) is of:

                     (a)  the direct infrastructure borrowing or the indirect infrastructure borrowing, as the case may be; or

                     (b)  another refinancing infrastructure borrowing that, under a previous application of this subsection, relates to the direct infrastructure borrowing or the indirect infrastructure borrowing, as the case may be.