XN000022-1991-11-06 — Page 58

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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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