Section 3Part 0 —
Power of the Governor to borrow from the Caribbean Development Bank
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Subject to this Law, the Governor may, in such manner, on such terms and subject to such conditions as may be agreed between the Governor and the Bank, borrow from the Bank, from time to time, such sums as may be required by the Government not exceeding two hundred and fifty thousand dollars or, with the consent of the Legislative Assembly, amounts in excess of that sum.
Sums borrowed by the Governor under subsection (1) shall be applied and are appropriated to the purposes for which they were borrowed as specified in any agreement concluded with the Bank in respect of such sums: Provided that where any part of such sum cannot be applied to such purposes, such part may be applied to such other purposes as may be approved by the Governor and the Bank.
Agreements between the Governor and the Bank in respect of sums borrowed under subsection (1) shall be made in the name of the Government and may be signed by the Member or by a person authorised by the Governor in writing.
As soon as possible after an agreement has been concluded with the Bank in respect of any sum borrowed under subsection (1), the Member shall cause a copy thereof to be laid before the Legislative Assembly.
Nothing in this section affects or derogates from any other power of the Governor to borrow money.