Cap. 271 - Loans (Asian Development Bank) Ordinance

To make provision for the raising of loans from the Asian Development Bank and for matters connected therewith. [7 July 1972](Format changes—E.R. 6 of 2022) 1. Short title This Ordinance may be cited as the Loans (Asian Development Bank) Ordinance. 2. Interpretation In this Ordinance, unless the context otherwise requires—Bank (銀行) means the Asian Development Bank. 3. Power to borrow from the Asian Development Bank (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. Power to issue instruments including bonds (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 authorized by him in writing. 5. Appropriation and charge of loans (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. Implementation of obligations under agreement (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, promissory 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 Chief Executive 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 in connexion with any borrowing authorized by this Ordinance or in respect of any payment of interest or otherwise under any such agreement, bond, promissory note, instrument or guarantee. (Amended 60 of 1999 s. 3) 7. Power to amend Schedules 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 States dollars (US$20,000,000) for the purposes of a project which forms part of stage I 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 mm diameter rising mains. (Added L.N. 236 of 1975) 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 of 1977) 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 of 1978) Item Five 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. (Added L.N. 91 of 1980) Second Schedule [s. 5] 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 (HK$100,000,000). 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 Two of the First Schedule is ninety-five million Hong Kong dollars (HK$95,000,000). (Added L.N. 236 of 1975) 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 Schedule is ninety-seven million Hong Kong dollars (HK$97,000,000). (Added L.N. 100 of 1977) 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 Four of the First Schedule is ninety-two million Hong Kong dollars (HK$92,000,000). (Added L.N. 188 of 1978) 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 Five of the First Schedule is one hundred million Hong Kong dollars (HK$100,000,000). (Added L.N. 91 of 1980)