Federal Register of Legislation - Australian Government

Primary content

A Bill for an Act to provide for an appropriation for the Australian Government Guarantee of State and Territory Borrowing, and for related purposes
Administered by: Treasury
For authoritative information on the progress of bills and on amendments proposed to them, please see the House of Representatives Votes and Proceedings, and the Journals of the Senate as available on the Parliament House website.
Registered 29 May 2009
Introduced HR 27 May 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

  

  

  


Contents

1............ Short title............................................................................................ 1

2............ Commencement.................................................................................. 1

3............ Definitions.......................................................................................... 2

4............ Application within and outside Australia.......................................... 2

5............ Appropriation.................................................................................... 2

6............ Borrowing........................................................................................... 2

 


A Bill for an Act to provide for an appropriation for the Australian Government Guarantee of State and Territory Borrowing, and for related purposes

The Parliament of Australia enacts:

1  Short title

                   This Act may be cited as the Guarantee of State and Territory Borrowing Appropriation Act 2009.

2  Commencement

                   This Act commences on the day on which it receives the Royal Assent.

3  Definitions

                   In this Act:

Deed of Guarantee means a deed of guarantee that:

                     (a)  is executed on behalf of the Commonwealth in 2009 (whether before, on or after the commencement of this Act); and

                     (b)  is entitled “Deed of Guarantee in respect of the Australian Government Guarantee of State and Territory Borrowing”;

as that deed is in force from time to time.

Scheme Rules means the Scheme Rules identified in the Deed of Guarantee, as those Rules are in force from time to time.

4  Application within and outside Australia

                   This Act applies both within and outside Australia.

5  Appropriation

                   The Consolidated Revenue Fund is appropriated for the following purposes:

                     (a)  paying claims under the Deed of Guarantee in accordance with the Scheme Rules;

                     (b)  repaying a borrowing, and paying interest on a borrowing, made under section 6.

6  Borrowing

             (1)  The Minister may, on behalf of the Commonwealth, borrow money for the purposes of paying claims under the Deed of Guarantee in accordance with the Scheme Rules.

             (2)  However, a borrowing in accordance with subsection (1) must not be for a period longer than 24 months.

             (3)  In this section:

borrow includes raise money or obtain credit, whether by dealing in securities or otherwise, but does not include obtain credit in a transaction forming part of the day‑to‑day operations of the Commonwealth.