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LOAN BILL 1999

                               Western Australia



                          LEGISLATIVE ASSEMBLY




                            Loan Bill 1999
                                   A Bill for


    An Act to authorize the borrowing of two hundred and sixty million
    dollars for redemption of maturing Financial Agreement debt.



    The Parliament of Western Australia enacts as follows:


    1.      Short title
            This Act may be cited as the Loan Act 1999.

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




                                                                        page 1


                                   76 -- 1
     Loan Bill 1999


     s. 3



     3.         Power to borrow money for redemption of Financial
                Agreement debt
          (1)   The Governor may borrow sums of money, not exceeding in the
                aggregate the sum of $260 000 000, from the Western
 5              Australian Treasury Corporation or elsewhere for the purpose of
                the redemption of loans raised by the Commonwealth on behalf
                of the State under the Financial Agreement with the authority of
                Loan Acts.
          (2)   In this section "Financial Agreement" has the same meaning as
10              in the Financial Administration and Audit Act 1985.
     4.         How sums borrowed are to be applied
          (1)   All sums borrowed under the authority of section 3 are to be
                paid to the Treasurer and credited to an account called the
                "Redemption of Financial Agreement Debt Account".
15        (2)   The Redemption of Financial Agreement Debt Account is to
                form part of the Trust Fund constituted under the Financial
                Administration and Audit Act 1985.
          (3)   The moneys standing to the credit of the Redemption of
                Financial Agreement Debt Account are to be applied for the
20              purpose mentioned in section 3 (1) and for that purpose only.
          (4)   Section 3 and subsection (3) have effect notwithstanding the
                provisions of the Loan Acts that authorized the raising of the
                loans mentioned in section 3 (1).
     5.         Principal, interest, etc., are payable out of Consolidated
25              Fund
                The principal moneys, interest and other expenses of
                borrowings under the authority of this Act are payable out of the
                Consolidated Fund and that Fund is appropriated accordingly by
                this section.

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