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Friday, June 9, 1972
NEW BILL SEEKS TO AUTHORISE RAISING OF LOANS
From Asian Development Bank For Specific Projects
A new bill to enable Government to raise loans from the Asian
Development Bank for specific projects will be introduced into the
Legislative Council shortly.
The Loans (Asian Development Bank) Bill 1972 will initially
authorise Government to obtain a US$21.5 million loan from the Bank for
the construction of Hong Kong's 40 million gallons daily desalting plant
near Castle Peak.
The Bill, published in today's Government Gazette for general
information, also seeks to enable further loans to be authorised by
Legislative Council resolutions adding further items to the Schedules to
the Bill.
It makes provision for the amounts which may be borrowed, and for
the purposes of such borrowings to be specified in the First Schedule. Any
agreement concluded under this provision is to be laid before the Legislative
Council as soon as practicable.
The Bill also empowers Government to issue such bonds, promissory
notes and other instruments as may be necessary to give effect to a loan
agreement.
It provides for the appropriation and application of money borrowed
and also charges repayment on the general revenues and assets of the Colony.
Another provision made by the Bill enables expenditure made in
connection with a project for which moneys are borrowed to be met first
from general revenues of the Colony pending reimbursement from the loan funds.
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