Power to issue instruments including bonds,
Appropriation and charge of loans.
Fin Schedule.
Second Schedule.
Implementa- tion of obligations
under agree- ment.
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(2) Any agreement between the Government and the Bank in respect of sums borrowed under the powers conferred by sub- section (1) shall be made in the name of the Government of Hong Kong and may be signed on behalf of the Government by the Financial Secretary, or by any person authorized by him in writing.
(3) As soon as practicable after the execution of an agrce- ment under this section, the Financial Secretary shall cause a copy of the agreement to be laid on the table of the Legislative Council.
4. (1) The Government may issue such bonds, promissory notes or other instruments on such terms and conditions as may be necessary for the purpose of giving effect to the terms of any agreement which may be entered into by it with the Bauk in respect of any borrowing authorized by this Ordinance.
(2) Any bond, promissory note or other instrument issued by the Government under subsection (1) may be signed on behalf of the Government by the Financial Secretary, or by any person authorized by him in writing.
5. (1) Any sums borrowed by the Government under this Ordinance shall be applied, and are appropriated, to the purposes of the project for which they were borrowed as specified in the First Schedule and more particularly in any agreement concluded with the Bank in respect of the sums so borrowed:
Provided that any part of such a sum which cannot be applied to those purposes may be applied to such other purposes as may be approved by the Financial Secretary and the Bank.
(2) Where sums borrowed under this Ordinance are not im- mediately available and expenditure in respect of the project for which they were borrowed must be met, such expenditure shall be charged as an advance pending reimbursement and the maximum amount which may be so advanced in any financial year in connexion with any project shall be specified in the Second Schedule.
(3) The sums borrowed under this Ordinance and all interest and other charges thereon are bereby charged upon and shall be payable out of the general revenues and assets of Hong Kong.
6. (1) Notwithstanding anything contained in any other law, any agreement concluded with the Bank in respect of any borrowing authorized under this Ordinance and any bond, promis. sory note or other instrument issued pursuant to any such agree- ment and any undertaking given in respect of any such agreement,
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bond, promissory note or instrument by the Government shall be valid and enforceable and have full force and effect in accordance with their respective terms.
(2) The Governor may, by order published in the Gazette, provide for the remission of any tax, duty, charge or fee payable under any Ordinance in respect of any agreement, bond, promis- sory note, instrument or guarantee concluded with the Bank or issued in commexion with any borrowing authorized by this Ordin- ance or in respect of any payment of interest or otherwise under any such agreement, bond, promissory note, instrument or guarantee.
7. The Legislative Council may by resolution amend the Schedules.
Men One
FIRST SCHEDULE
(s. 3 & 5.]
An amount in various currencies equivalent to twenty-one million fve hundred thousand United States dollars (US$21,500,000) for the purposes of a project involving the construction of seawater desalting works con- sisting of six units having a total design output of 40 million gallons per day and to be located near Castle Peak in the New Territories. The project includes all supporting facilities and installations necessary to render the project operable.
SECOND SCHEDULE
[3. 5.]
The maximum amount which may be advanced pending reimbursement under subsection (2) of section 5 in any flaancial year in connexion with the project described in Item One of the First Schedule is One hundred million Hong Kong dollars (HK$100,000,000),
Passed by the Hong Kong Legislative Council this 5th day of July. 1972.
Clerk to the Legislative Council.
This printed impression has been carefully compared by me with the bill, and is found by me to be a true and correctly printed copy of the said bill,
Clerk to the Legislative Council.
Power to amcnd Schedules.