   LOCAL LOAN  _g CAP. 407.  1
CHAPTER 407
LOCAL LOAN ACT
To authorise that a sum not exceeding one hundred million Maltese liri
be raised in Malta by way of loan for the purpose of meeting excess
expenditure over revenue incurred in the Consolidated Fund during the
year 1998 and that expected to be incurred during the year 1999.
7th May, 1999
Enacted by ACT III of 1999.
Short title.
Interpretation.
Cap. 174.
2. For the purposes of this Act, "revenue" has the same
meaning as is assigned to it in article 2 of the Financial
Administration and Audit Act, but does not include proceeds from
local loans.
Authority to raise 
loan.
3. (1) Subject to the provisions of this Act, the Government
of Malta may raise in Malta, by way of loan, a sum of money not
exceeding one hundred million Maltese liri.
Cap. 161.
(2) For the purpose of raising the aforesaid loan the Minister
responsible for finance is hereby authorised to issue stock in Malta
under the provisions of the Local Loans (Registered Stock and
Securities) Ordinance on such terms and conditions as the said
Minister may approve.
Purpose.
be appropriated and applied for the purpose of meeting excess
expenditure over revenue incurred in the Consolidated Fund during
the year 1998, and that projected to be incurred during the year
1999:
Provided that any amount borrowed under this article in
excess of the amount actually required for the said purposes and
remaining as a balance in the Consolidated Fund at the end of 1999,
shall be used to meet excess expenditure over revenue in the
Consolidated Fund during the first subsequent year in which such
excess is incurred.
