LOANS (ASIAN DEVELOPMENT BANK) ORDINANCE

LOANS (ASIAN DEVELOPMENT BANK) ORDINANCE

LAWS OF HONG KONG

LOANS (ASIAN DEVELOPMENT BANK)

ORDINANCE

CHAPTER 271





CHAPTER 271

LOANS (ASIAN DEVELOPMENT BANK)

To make provision for the raising of loans from the Asian Development Bank
and for matters connected therewith.

[7 July 1972.1

1. This Ordinance may be cited as the Loans (Asian Development
Bank) Ordinance.

2. In this Ordinance, unless the context otherwise requires

'Bank' means the Asian Development Bank.

3. (1) The Government may, in such manner and on such terms and
subject to such conditions as may be agreed between the Government
and the Bank, borrow from the Bank sums not exceeding those specified
in the First Schedule for the purposes of the projects specified with
respect to such sums in the First Schedule.

(2) Any agreement between the Government and the Bank in
respect of sums borrowed under the powers conferred by subsection
(1) shall be made in the name of the Government of Hong Kong and may
be signed on behalf of the Government by the Financial Secretary, or by
any person authorized by him in writing.

(3) As soon as practicable after the execution of an agreement
under this section, the Financial Secretary shall cause a copy of the
agreement to be laid on the table of the Legislative Council.

4. (1) The Government may issue such bonds, promissory notes or
other instruments on such terms and conditions as may be necessary
for the purpose of giving effect to the terms of any agreement which
may be entered into by it with the Bank in respect of any borrowing
authorized by this Ordinance.

(2) Any bond, promissory note or other instrument issued by the
Government under subsection (1) may be signed on behalf of the
Government by the Financial Secretary, or by any person author- by him
in writing.

5. (1) Any sums borrowed by the Government under this
Ordinance shall be applied. and are appropriated, to the purposes of the
project for which they were borrowed as specified in the First Schedule
and more particularly in any, agreement concluded with the Bank in
respect of the sums so borrowed:

Provided that any part of such a sum which cannot be applied to
those purposes may be applied to such other purposes as may be
approved by the Financial Secretary and the Bank.





(2) Where sums borrowed under this Ordinance are not
immediately available and expenditure in respect of the project for which
they were borrowed must be met. such expenditure shall be charged as
an advance pending reimbursement and the maximum amount which
may be so advanced in any financial year in connexion with any project
shall be specified in the Second Schedule.

(3) The sums borrowed under this Ordinance and all interest and
other charges thereon are hereby charged upon and shall be payable
out of the general revenues and assets of Hong Kong.

6. (1) Notwithstanding anything contained in any other law, any
agreement concluded with the Bank in respect of any borrowing
authorized under this Ordinance and any bond, promissory note or other
instrument issued pursuant to any such agreement and any undertaking
given in respect of any such agreement, bond, promis- note or
instrument by the Government shall be valid and enforceable and have
full force and effect in accordance with their respective terms.

(2) The Governor may, by order published in the Gazette, provide
for the remission of any tax, duty. charge or fee payable under any
Ordinance in respect of any agreement. bond. promissory note,
instrument or guarantee concluded with the Bank or issued ill connexion
with any borrowing authorized by, this Ordinance ol- in respect of any
payment of interest or otherwise under any such agreement, bond,
promissory note, instrument or guarantee.

7. The Legislative Council may by resolution amend the Schedules.

FIRST SCHEDULE [ss'. 3 & 5.]

Item One

An amount in various currencies equivalent to twenty-one million five
hundred thousand United States dollars (US$21,500,000) for the purposes of a
project involving the construction of seawater desalting works consisting of six
units having a total design output of 40 million gallons per day and to be located
near Castle Peak in the New Territories. The project includes all supporting facilities
and installations necessary to render the project operable.

Item Two

An amount in various currencies equivalent to twenty million United Sates
dollars (US$20,000,000) for the purposes of a project which forms part of stage 1
of the sewerage and sewage treatment facilities for the Sha Tin New Town and
involves the construction of (i) sewage treatment works; (ii) main pumping station:
and (iii) laying of approximately 2 000 metres of twin 1 400 m.m. diameter rising
mains. (Added. L.N. 236/75)

Item Three

An amount in various currencies equivalent to twenty million five hundred
thousand United States dollars (US$20,500,000) for the purposes of a project
involving the construction of two housing estates for some 61 000 persons and
associated facilities, four primary and four secondary schools in the two estates. a
general health clinic. a divisional fire station and a commercial complex for one of
the housing estates at Sha Tin New Town. (Added, L.N. 100 77)





Item Four

An amount in various currencies equivalent to nineteen million five hundred
thousand United States dollars (US$19,500,000) for the purposes of a project
involving the construction of a regional hospital with about 1 400 beds, including
teaching facilities and a polyclinic, at Sha Tin New Town. Added, L.N. 188 78)

Item Fire

An amount in various currencies equivalent to twenty million United States
dollars (US$20,000,000) for the purposes of a project which forms part of the
development of Sha Tin New Town and involves (i) the construction of a housing
estate for some 31 000 persons, two primary and two secondary, schools: and (ii)
the undertaking of a transport study of the Sha Tin--Tsuen Wan corridor.

L. N. 91 80)

SECOND SCHEDULE [s. M

The maximum amount which may be advanced pending reimbursement under
section 5(2) in any financial year in connexion with the project described in Item
One of the First Schedule is one hundred million Hong Kong dollars OAKS
100,000.000).

The maxinium amount which may he advanced pending reimbursement unoler
section 5(2) in any financial year in connexion with the project described in ltern
Two Two of the First Schedule is ninety-five million Hong Kong dollars
(HK$95,000,000). 1Added, L.N. 236 75

The maximum amount which may be advanced pending reimbursement under

section 5(2) in any financial year in connexion with the project described in
Item Three of the First Sche~ule is ninety-seven million Hom, Kong dollars
(H (HK$97,000,000). L.N. 100 177)

The maxirnuin aniount which may be advanced pending reimbursement under
section 5(2) in any financial year in connexion with the project described in Item
Four of' the First Schedule is ninety-two million Hong Kong dollars
(HK$92,000,000). (Added L.N. 188 78)

The maximum amount which may be advanced pending reimbursement under
section 5(2) in any financial year in connexion with the project described in Itern
Five of the First Schedule is one hundred million Hong Kong dollars
(HK$100,000,000). (Added. L.N. 91 80)
Originally 42 of 1972. L.N. 236/75. L.N. 100/77. L.N. 188/78. L.N. 91/80. Short title. Interpretation. Power to borrow from the Asian Development Bank. First schedule. Power to issue instruments including bonds. Appropriation and charge of loans. First Schedule. Second Schedule. Implementation of obligations under agreement. Power to amend Schedules.

Originally 42 of 1972. L.N. 236/75. L.N. 100/77. L.N. 188/78. L.N. 91/80. Short title. Interpretation. Power to borrow from the Asian Development Bank. First schedule. Power to issue instruments including bonds. Appropriation and charge of loans. First Schedule. Second Schedule. Implementation of obligations under agreement. Power to amend Schedules.

https://oelawhk.lib.hku.hk/items/show/3060

1964

v17

271

4