New South Wales Consolidated Acts

TREASURY CORPORATION ACT 1983 - SECT 9A

9A Provision of financial accommodation to councils

(1) A council is not required or authorised to obtain financial accommodation from the Corporation during any period unless:

(a) the council has requested the Corporation to obtain financial accommodation for the council during that period, and

(b) the Corporation has approved of the request.

(2) Any such request must be made by notice in writing to the Corporation.

(3) Section 22D (Guarantee fee) of the funding Act applies to a council in respect of financial accommodation obtained by the Corporation for the council in the same way as it applies to an authority.

(5) A council that is required to obtain financial accommodation from the Corporation during any period is not prohibited from obtaining additional financial accommodation, otherwise than from the Corporation, during the same period.

(6) Despite this section, if a council has obtained financial accommodation from the Corporation, the financial accommodation is taken to have been validly obtained, and payments in respect of it are to be made in accordance with the agreement or the purported agreement under which the financial accommodation has been obtained. This is despite any provision of the Local Government Act 1993 or any deficiency in any condition precedent to, or in any procedure in, any deliberation, request, application or decision relating to the financial accommodation.