Significant Infrastructure Government Loan Act 2021

Sections (25)

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• § 1 — Short title

  1. This Act is the Significant Infrastructure Government Loan Act 2021.

• § 10 — Borrowing only for nationally significant infrastructure expenditure

  10.—(1) The face value of every security issued under this Act, less any sum mentioned in section 5(2) —(a) must be paid into the Development Fund; and (b) may only be appropriated to meet nationally significant infrastructure expenditure by the Government. (2) Out of the proceeds of money raised

• § 11 — Meaning of “nationally significant infrastructure expenditure”

  11.—(1) In this Act, “nationally significant infrastructure expenditure” means any qualifying capital expenditure incurred, on or after 3 August 2021, in relation to an approved infrastructure project.(2) In this section, “infrastructure project” means a project involving any one or more of the foll

• § 12 — Redemption

  12. Subject to sections 13 and 18, a security issued under this Act is redeemable at par on —(a) the maturity date of the security; or (b) if the security is redeemable at the election of the holder, on the earlier of the following dates:(i) the date specified as the redemption date in any notice o

• § 13 — Early redemption

  13.—(1) The holder of a security that is issued under this Act and not redeemable at the election of the holder may, upon an invitation of the MAS under this section, apply to redeem the security before the maturity date of the security.(2) The MAS may by public notice invite the public to apply to

• § 14 — Payment of interest

  14.—(1) Subject to subsection (2), the interest payable on any security issued under this Act must be paid half‑yearly as specified in the Regulations relating to the issue of the security.(2) Where any security that is redeemable at the election of the holder thereof at any time is redeemed before

• § 15 — Interest stops on redemption

  15. Regardless of any demand for payment of the principal sum, all the interest on the principal sum payable on the security stop immediately after —(a) the maturity date of a security issued under this Act; (b) the redemption date in the duly served notice of intention under section 12(b)(i); or

• § 16 — Transferability, etc., of securities

  16. A holder of a book‑entry security may transfer or pledge the book‑entry security.

• § 17 — MAS is agent

  17.—(1) The MAS is by this Act appointed to act on the Government’s behalf as an agent —(a) for issuing of securities for moneys borrowed under this Act; and (b) for any other purpose that is connected with paragraph (a). (2) Without limiting subsection (1), the MAS may —(a) by public notice invit

• § 18 — Securities lending arrangements

  18.—(1) The MAS may, from time to time and on the Government’s behalf as an agent, but subject to subsection (2), enter into securities lending arrangements by lending securities issued under this Act to primary dealers, including an arrangement under which such securities are sold and repurchased.(

• § 19 — Issue of book‑entry securities

  19.—(1) The MAS may —(a) issue book‑entry securities for moneys borrowed under this Act, by means of entries on its records which include the name of the depositor and the amount and description of the securities; (b) maintain accounts of book‑entry securities for moneys borrowed under this Act —(i

• § 2 — Interpretation

  2. In this Act, unless the context otherwise requires —“book‑entry security” means any security issued under this Act in the form of an entry on the records of the MAS and which is transferable by way of book‑entry in the register maintained by the MAS, and not by way of an instrument of transfer;

• § 20 — Transfers and pledges of book‑entry securities

  20.—(1) A transfer or pledge of a book‑entry security to the MAS or to the Government or to any transferee or pledgee eligible to maintain an appropriate account in its name with the MAS must be effected, despite any law to the contrary, by the MAS making an appropriate entry in its records of the s

• § 21 — Transfers and pledges effected by other means

  21.—(1) Despite section 20, a transfer or pledge of book‑entry securities, or any interest in such securities, which is maintained by the MAS in an account may be effected by any means that would be effective to effect a transfer or pledge of book‑entry securities, or any interest therein, if the se

• § 22 — MAS to be discharged by action on instructions

  22.—(1) The MAS is not liable for conversion or for participation in any breach of fiduciary duty where the MAS has, in respect of book‑entry securities maintained in accounts maintained by the MAS —(a) effected pledges or made entries regarding the securities; or (b) transferred or delivered the s

• § 23 — Confirmation of transactions

  23.—(1) The MAS must, following any transaction affecting book‑entry securities maintained for any depositor under this Part, issue to each depositor a confirmation of the transaction in the form of an advice (serially numbered or otherwise).(2) The advice referred to in subsection (1) must specify

• § 24 — Regulations

  24. The Minister may make regulations necessary or convenient to be prescribed for carrying out or giving effect to this Act, including —(a) prescribing the terms of issue of securities issued under this Act; (b) prescribing the manner in which applications to take up securities issued under this A

• § 25 — Presentation to Parliament

  25. All Regulations must be presented to Parliament as soon as possible after publication in the Gazette.

• § 3 — Purpose of Act

  3. The purpose of this Act is to enable financing by borrowing to meet the Government’s commitment to Singapore’s future by investing in nationally significant infrastructure and their related facilities in which initial or further investment is vital to supporting or is likely to materially improve

• § 4 — Power to raise loan

  4.—(1) The Minister may raise, in the manner provided in this Act, loans to be applied in the manner provided in this Act and the Development Fund Act 1959.(2) The power to raise loans under this section does extend to raising money outside of Singapore and in a currency other than the Singapore dol

• § 5 — Borrowing limit

  5.—(1) Subject to subsection (2), the Minister must not raise a loan under this Act if either condition in paragraph (a) or (b) is satisfied:(a) the total at any time of the following exceeds $90,000,000,000:(i) the sum of the proposed borrowing; (ii) the total amount of sums borrowed under any loa

• § 6 — Issuing securities for borrowing

  6. For the purpose of raising any loan under this Act, the Minister may —(a) issue securities in such form and manner as the Minister thinks fit; and (b) issue such securities at such rates of interest and subject to such conditions as to maturity date, repayment, redemption and other matters as ma

• § 7 — Principal and interest charged on Consolidated Fund

  7. The principal payable in respect of moneys borrowed under this Act and represented by securities issued under this Act, and all interest on the principal sums payable on the securities, are charged upon and payable out of the Consolidated Fund without authority other than this section.

• § 8 — Borrowing expenses

  8. All expenses incurred in connection with the raising of money under this Act (including expenses in connection with the issue, refinancing, repayment or redemption of securities) are charged upon and payable out of the Consolidated Fund without authority other than this section.

• § 9 — Power to raise loan non‑delegable

  9. Despite anything in the Interpretation Act 1965 or any other law, the Minister must not delegate the Minister’s power under this Part.