Revised Laws of Saint Lucia (2023)

RESOLUTION OF PARLIAMENT TO RAISE FUNDS
BY THE ISSUE OF SAVINGS BONDS – SECTION 3

Commencement [6 July 2020]

1.  

   RESOLUTION

WHEREAS it is provided by section 3 of the National Savings and Development Bonds Act, that under the authority of a resolution of Parliament, the Minister responsible for finance may raise, by the issue of savings bonds inside and outside of Saint Lucia, money up to the amount of EC$2,400,000,000, for financing such capital or other expenditure and for such debt refinancing, as he or she determines;

AND WHEREAS it is further provided under section 4 of the National Savings and Development Bonds Act, that the bonds shall be issued in such form and on such terms and conditions as the Minister responsible for finance directs;

AND WHEREAS the Minister for finance considers it necessary to raise, on the Regional Government Securities Market or through private placement at a maximum rate of 7.5% —

1.  

   (a)     the amount of EC$186,000,000 for financing the 2020/21 Budget;

1.  

   (b)     the amount of EC$434,000,000 for refinancing existing debts;

BE IT RESOLVED that Parliament authorizes the Minister for finance to raise on the Regional Government Securities Market or through private placement at a maximum rate of 7.5% —

1.  

   (a)     the amount of EC$186,000,000 for financing the 2020/21 Budget;

1.  

   (b)     the amount of EC$434,000,000 for refinancing existing debts.