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Housing Authority Loan Guarantee Decree 1990

REPUBLIC OF FIJI

DECREE NO.19

HOUSING AUTHORITY LOAN GUARANTEE DECREE 1990

A DECREE TO AUTHORISE THE GOVERNMENT TO GUARANTEE THE REPAYMENT BY THE HOUSING AUTHORITY OF THE PRINCIPAL AND INTEREST ON A LOAN TO BE RAISED BY THE AUTHORITY FROM THE FIJI NATIONAL PROVIDENT FUND REPAYABLE OVER A PERIOD OF TWENTY YEARS AT A REVIEWABLE INTEREST RATE OF EIGHT AND HALF PERCENT.

IN exercise of the powers vested in me as President and Commander-in-Chief of the Republic of Fiji and acting in accordance with the advice of the Prime Minister and the Cabinet, I hereby make the following Decree -

Short title

1.-(1) This Decree may be cited as the Housing Authority Loan Guarantee Decree 1990.

Interpretation

2. In this Decree, unless the context otherwise requires-

“Fiji National Provident Fund” means the Fiji National Provident Fund established under the provisions of section 7 of the Fiji National Provident Fund Act (Cap 219);

“Government” means the Government of the Republic of Fiji;

“Housing Authority” means the Housing Authority established under the provisions of section 3 of the Housing Act (Cap 267).

Government to guarantee loan

3. The Government is authorised to guarantee the repayment by the Housing Authority of the principal and interest on a loan of four million dollars to be raised by the Housing Authority from the Fiji National Provident Fund, repayable over a period of twenty years at an interest rate of 8.5 percent per annum for a period of seven years subject to review at the end thereof with a provision of 1 percent variation upwards or downwards annually in the subsequent years to a ceiling of 10 percent and a base of 8 percent depending on market conditions.

Guarantee to be evidenced by instrument

4. The guarantee authorised under section 3 above shall be evidenced by an instrument given under the hand of the Minister responsible for finance.

Made this 27th day of June 1990.

PENAIA K GANILAU

President and Commander-in-Chief

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