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56
WEDNESDAY, NOVEMBER 6, 1991
J
OF THE BONDS "INTEREST INCOME AS WELL AS THE PROFITS ON SALE
TRADING IN THE SECONDARY WILL BE EXEMPT FROM PROFITS TAX AND THEIR MARKET WILL BE EXEMPT FROM STAMP DUTY," HE SAID.
BOND PROCEEDS WERE IN ORDER TO AVOID ANY SUGGESTION THAT THE
EXCLUSIVELY TO CAPITAL EXPENDITURE, MR NOT BEING APPLIED
NENDICK
BE
ΤΟ CREDITED DIRECTLY PROPOSED THAT BOND PROCEEDS SHOULD
THE FUND AND THAT CAPITAL WORKS RESERVE FUND AND THE CAPITAL INVESTMENT
ISSUE, PAYMENTS OF INTEREST AND SERVICING COSTS ARISING FROM THE BOND
FROM THE FUNDS. AND REDEMPTION OF THE BONDS, SHOULD BE MADE
TWO RESOLUTIONS MOVED UNDER PUBLIC FINANCE ORDINANCE
* * * *
AFFAIRS, MR DAVID NENDICK TODAY THE SECRETARY FOR MONETARY
FINANCE ORDINANCE (WEDNESDAY) MOVED TWO RESOLUTIONS UNDER THE PUBLIC
FOR THE BOND IN THE LEGISLATIVE COUNCIL TO ALLOW FOR THE ACCOUNTING
THE RESERVE ISSUES TO BE DONE THROUGH THE CAPITAL INVESTMENT FUND OR ACCOUNT OF THE CAPITAL WORKS RESERVE FUND.
THE BOND
"THESE ARRANGEMENTS WILL ENSURE THAT THE PROCEEDS OF
PURPOSE AND SO WILL ASSURE ISSUE WILL BE APPLIED FOR THE INTENDED
IS CLEARLY FOR CAPITAL LENDERS
THE BORROWING PROGRAMME EXPENDITURE PURPOSES, HE EXPLAINED.
THAT
"
THE BOND PROCEEDS WERE
THIS WOULD AVOID ANY SUGGESTION THAT NOT BEING APPLIED, EXCLUSIVELY TO CAPITAL EXPENDITURE, HE SAID.
INTEREST AND SERVICING COSTS AND HE ADDED THAT PAYMENTS OF REDEMPTION OF THE BONDS SHOULD BE MADE FROM THE FUNDS.
ONE RESOLUTION WAS MADE UNDER SECTION 29 OF THE PUBLIC ORDINANCE TO AMEND A RESOLUTION MADE BY THE COUNCIL ON MARCH YEAR TO ESTABLISH THE CAPITAL INVESTMENT FUND.
FINANCE 14 LAST
SAME SECTION OF THE UNDER THAT ORDINANCE
TO
THE
ESTABLISH
THE OTHER RESOLUTION WAS MADE UNDER THE ORDINANCE TO AMEND A RESOLUTION OF THE COUNCIL
EARLIER RESOLUTIONS ON MAY 15, 1985
TO
REPLACE
CAPITAL WORKS RESERVE FUND.
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