Guarantee of State and Territory Borrowing Appropriation Act 2009 (Cth)

Guarantee of State and Territory Borrowing Appropriation Act 2009

No. 61, 2009

An Act to provide for an appropriation for the Australian Government Guarantee of State and Territory Borrowing, and for related purposes

Contents 1 Short title 2 Commencement 3 Definitions 4 Application within and outside Australia 5 Appropriation 6 Borrowing 7 Public Register of Government Borrowings 8 Regulations

Guarantee of State and Territory Borrowing Appropriation Act 2009 No. 61, 2009

An Act to provide for an appropriation for the Australian Government Guarantee of State and Territory Borrowing, and for related purposes

[Assented to 29 June 2009]

The Parliament of Australia enacts:

1 Short title This Act may be cited as the Guarantee of State and Territory Borrowing Appropriation Act 2009.

2 Commencement This Act commences on the day on which it receives the Royal Assent.

3 Definitions In this Act: Deed of Guarantee means a deed of guarantee that: (a) is executed on behalf of the Commonwealth in 2009 (whether before, on or after the commencement of this Act); and (b) is entitled "Deed of Guarantee in respect of the Australian Government Guarantee of State and Territory Borrowing"; as that deed is in force from time to time. Scheme Rules means the Scheme Rules identified in the Deed of Guarantee, as those Rules are in force from time to time.

4 Application within and outside Australia This Act applies both within and outside Australia.

5 Appropriation The Consolidated Revenue Fund is appropriated for the following purposes: (a) paying claims under the Deed of Guarantee in accordance with the Scheme Rules; (b) repaying a borrowing, and paying interest on a borrowing, made under section 6.

6 Borrowing (1) The Minister may, on behalf of the Commonwealth, borrow money for the purposes of paying claims under the Deed of Guarantee in accordance with the Scheme Rules. (2) However, a borrowing in accordance with subsection (1) must not be for a period longer than 24 months. (3) In this section: borrow includes raise money or obtain credit, whether by dealing in securities or otherwise, but does not include obtain credit in a transaction forming part of the day‑to‑day operations of the Commonwealth.