Transport Co-ordination Act 1966

The Minister may borrow money upon the guarantee of the Treasurer of the State for the purposes of —

providing premises and other facilities under this Act; or

carrying out the Minister’s functions under this Act; or

enabling the Director General’s functions under this Division to be performed.

The Minister may borrow money with the prior approval in writing of the Treasurer, but not otherwise, and any borrowing is to be upon terms and conditions that the Treasurer approves.

This section authorises the Treasurer, for and on behalf of the State, to give any approval or guarantee that this section requires and the guarantee may include the guarantee of interest.

Any money borrowed by the Minister under this section may be raised as one loan or as several loans and in any manner that the Treasurer may approve, but the amount of money borrowed in any one year cannot exceed, in the aggregate, an amount that the Treasurer approves.

Before a guarantee is given by the Treasurer under this section, the Minister must give to the Treasurer any security that the Treasurer requires and execute any instruments necessary for giving that security.

Money borrowed under this section can only be used for a purpose referred to in subsection (1).

The due payment of money payable by the Treasurer under a guarantee under this section is to be charged to and paid out of the Consolidated Account, and this subsection appropriates that Account accordingly.