EXTRACT FROM MINUTES OF FS's SENIOR STAFF MEETING
HELD ON 30 NOVEMBER, 1983
Universities and Polytechnic Bond
DFS and SMA explained that the provisions of the Loans (Government Bonds) Ordinance were such that the proceeds of a loan raised for a specific purpose had to be shown to be applied to that purpose. DFS suggested that there might be two bond issues, one of about $200-$300 million for the universities and polytechnic and another for the balance of the requirement to be raised for the Capital Works Reserve Fund. SMA suggested that the loan could be raised for the purposes of the general revenue but that in the publicity stress could be placed on the universities and the polytechnics. FS directed that the loan should be raised for capital works expenditure and should be credited to the Capital Works Reserve Fund, but with publicity centred on the capital requirements of the universities and polytechnics.