Detail

Back to Revised Laws of Saint Lucia (2023)

RESOLUTION OF PARLIAMENT TO BORROW FOR CAPITAL OR CURRENT EXPENDITURE – RENEWABLE ENERGY SECTOR DEVELOPMENT PROJECT – SECTION 63(1)

Commencement [16 May 2022]

RESOLUTION

WHEREAS it is provided by section 63(1) of the Public Finance Management Act, (the Act), that the Minister of Finance may, by an affirmative Resolution of Parliament, borrow from a bank or other financial institution for the capital or current expenditure of Government;

AND WHEREAS it is further provided by section 64 of the Act that money borrowed by the Government must be paid into and form part of the Consolidated Fund;

AND WHEREAS the Minister of Finance considers it necessary to borrow USD3,830,000.00 from the International Development Association and USD3,710,000.00 from the International Bank for Reconstruction and Development acting as the administrator of the Canada Clean Energy and Forest Climate Facility Single-Donor Trust Fund, for the purpose of financing the Renewable Energy Sector Development Project;

AND WHEREAS in the case of the loan from the International Development Association —

(a) the Commitment Charge Rate payable on the Unwithdrawn Financing Balance is half of one per cent (½ of 1%) per annum;

(b) a Service Charge is payable on the Withdrawn Credit Balance that is the greater of —
1. (i) the sum of three-fourths of one per cent (³/₄ of 1%) per annum plus the Basis Adjustment to the Service Charge, and
1. (ii) three-fourths of one per cent (³/₄ of 1%) per annum;

(c) the loan is repayable over a period of 30 years, inclusive of a grace period of 10 years, in semi-annual instalments on each 15^th day of March and 15^th day of September;

AND WHEREAS in the case of the loan from the International Bank for Reconstruction and Development as the administrator of the Canada Clean Energy and Forest Climate Facility Single-Donor Trust Fund —

(a) the Commitment Charge Rate payable on the Unwithdrawn Financing Balance is half of one per cent (½ of 1%) per annum;

(b) a Service Charge is payable on the Withdrawn Credit Balance that is the greater of —
1. (i) the sum of three-fourths of one per cent (³/₄ of 1% per annum plus the Basis Adjustment to the Service Charge, and
1. (ii) three-fourths of one per cent (³/₄ of 1%) per annum;

(c) the loan is repayable over a period of 15 years, inclusive of a grace period of 5 years, in semi-annual instalments on each 15^th day of March and 15^th day of September;

BE IT RESOLVED that Parliament authorizes the Minister of Finance to borrow an amount of USD3,830,000.00 from the International Development Association and an amount of USD3,710,000.00 from the International Bank for Reconstruction and Development acting as administrator of the Canada Clean Energy and Forest Climate Facility Single-Donor Trust Fund, for the purpose of financing the Renewable Energy Sector Development Project;

BE IT FURTHER RESOLVED that —

(a) in the case of the loan from the International Development Association —
1. (i) the Commitment Charge Rate payable on the Unwithdrawn Financing Balance is half of one per cent (½ of 1%) per annum,
1. (ii) a Service Charge is payable on the Withdrawn Credit Balance that is the greater of —
  1. (A) the sum of three-fourths of one per cent (³/₄ of 1%) per annum plus the Basis Adjustment to the Service Charge; and
  1. (B) three-fourths of one per cent (³/₄ of 1%) per annum,
1. (iii) the loan is repayable over a period of 30 years, inclusive of a grace period of 10 years, in semi-annual instalments on each 15^th day of March and 15^th day of September;

(b) in the case of the loan from the International Bank for Reconstruction and Development as the administrator of the Canada Clean Energy and Forest Climate Facility Single-Donor Trust Fund —
1. (i) the Commitment Charge Rate payable on the Unwithdrawn Financing Balance is half of one per cent (½ of 1%) per annum,
1. (ii) a Service Charge is payable on the Withdrawn Credit Balance that is the greater of —
  1. (A) the sum of three-fourths of one per cent (³/₄ of 1%) per annum plus the Basis Adjustment to the Service Charge; and
  1. (B) three-fourths of one per cent (³/₄ of 1%) per annum;
1. (iii) the loan is repayable over a period of 15 years, inclusive of a grace period of 5 years, in semi-annual instalments on each 15^th day of March and 15^th day of September.