Australian Capital Territory Consolidated Acts Australian Capital Territory Consolidated Acts(1) The Treasurer may, on the terms and conditions the Treasurer considers appropriate—
(a) borrow money for a territory authority; or
(b) lend public money to a territory authority.
(2) A borrowing may be secured by the territory authority's assets approved by the Treasurer for this section.
(3) A territory authority may arrange an overdraft or credit facility only with the written approval of the Treasurer.
(4) A loan under subsection (1) (b) may be made only from—
(a) money appropriated for the purpose of making the loan; or
(b) money appropriated for purposes that include the purpose of making the loan.
(5) However, subsection (4) does not apply to an overdraft or credit facility for a territory authority from the territory banking account that is approved, in writing, by the Treasurer for the authority.
(6) The Treasurer may approve an overdraft or credit facility for a territory authority under subsection (5) only if satisfied that it is for a purpose consistent with a function of the authority.
(7) An approval under subsection (5) must state, for the overdraft or credit facility—
(a) each purpose for which it may be used; and
(b) the maximum amount that may be outstanding at any time; and
(c) conditions about—
(i) the repayment of principal; and
(ii) the interest rate; and
(iii) the repayment of interest.
(8) An approval under subsection (5) may also state any other condition that the Treasurer requires.
(9) An approval under subsection (5) is a disallowable instrument.
Note A disallowable instrument must be notified, and presented to the Legislative Assembly, under the Legislation Act.
(10) An overdraft or credit facility approved under subsection (5) must be reviewed annually by the Treasurer.