Loan (Housing) (No. 2)

No. 122 of 1968

An Act relating to the Raising and Expending of certain Moneys for the purposes of Housing.

[Assented to 3 December 1968]

BE it enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—

Short title.

1.  This Act may be cited as the Loan (Housing) Act (No. 2) 1968.

Commencement.

2.  This Act shall come into operation on the day on which it receives the Royal Assent.

Interpretation.

3.  A reference in this Act to the moneys borrowed under the agreements specified in the Schedule to this Act shall be read as a reference to the sum of the equivalents in Australian currency of all amounts so borrowed, the equivalent of each amount so borrowed being ascertained as at the date of the borrowing.

Appropriation.

4.  There may be issued and applied out of the Loan Fund, for the expenses of borrowing and for the purpose of making advances to the States in pursuance of section 4 of the Housing Agreement Act 1966, amounts not exceeding the moneys borrowed under the agreements specified in the Schedule to this Act.

Limitation on borrowing.

5.  Notwithstanding the provisions of section 3 of the Loan (Housing) Act 1968, the sum of—

(a) all moneys borrowed in pursuance of the authority conferred by that section; and

(b) all moneys borrowed under the agreements specified in the Schedule to this Act,

shall not exceed One hundred and twenty-six million dollars.

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THE SCHEDULE                           Sections 3, 4 and 5.

1.  Agreement dated the eighteenth day of September, One thousand nine hundred and sixty-eight, between the Commonwealth and the Deutsche Bank Aktiengesellschaft, for the borrowing by the Commonwealth of moneys in the currency of the Federal Republic of Germany amounting to Two hundred million Deutsche Marks.

2.  Agreement dated the second day of October, One thousand nine hundred and sixty-eight, between the Commonwealth and the Export-Import Bank of the United States, for the borrowing by the Commonwealth of moneys in the currency of the United States of America not exceeding Fifty million dollars.