Public Finances (Amendment No. 5) (Jersey) Law 201-

A LAW to amend further the Public Finances (Jersey) Law 2005

Adopted by the States                                          13th December 2017

Sanctioned by Order of Her Majesty in Council  [date to be inserted]

Registered by the Royal Court                              [date to be inserted]

THE STATES, subject to the sanction of Her Most Excellent Majesty in Council, have adopted the following Law –

1        Interpretation

In this Law “principal Law” means the Public Finances (Jersey) Law 2005[1].

2        Article 4 amended

In Article 4 of the principal Law after paragraph (3) there shall be added the following paragraphs –

“(4)    Notwithstanding paragraph (3), following the States’ adoption of P.107/2017, money may be withdrawn from the strategic reserve fund, without a further proposition lodged by the Minister, and credited to the special fund known as the ‘Hospital Construction Fund’ provided that this is done in accordance with P.107/2017.

(5)     No later than 2 months after the end of each successive 6 month period starting from the first withdrawal referred to in paragraph (4), the Minister shall report to the Council of Ministers and then to the States the amount withdrawn from the strategic reserve fund during each such 6 month period.

(6)     Notwithstanding anything to the contrary in this Law or any other enactment, all monies borrowed for the ‘Preferred Scheme’ referred to in P.107/2017 shall be credited to the strategic reserve fund provided that such borrowing is in accordance with P.107/2017.

(7)     Notwithstanding paragraph (1), money from the strategic reserve fund may be used to defray directly expenditure of the States to meet the costs of borrowing for the ‘Preferred Scheme’ referred to in P.107/2017 and any ongoing finance and administration costs related to that borrowing, provided that the use of that money for those purposes is in accordance with P.107/2017.

(8)     Notwithstanding Article 3(5), upon the winding up of the Hospital Construction Fund any balance of that Fund shall be transferred to the strategic reserve fund.

(9)     In this Article references to ‘P.107/2017’ are to the Proposition lodged au Greffe on 31st October 2017 “Future Hospital: approval of preferred scheme and funding” as adopted by the States and to the Report, including Appendices, to that Proposition.”.

3        Article 69A amended

In Article 69A of the principal Law –

(a)     in paragraph (1) for the words “Parts 3 and 4” there shall be substituted the words “Parts 2, 3 and 4”;

(b)     in paragraph (3) for the words “Part 3 or 4” there shall be substituted the words “Part 2, 3 or 4”.

4        Citation and commencement

This Law may be cited as the Public Finances (Amendment No. 5) (Jersey) Law 201- and shall come into force 7 days after it is registered.

 

 

 


 



[1]                                    chapter 24.900


Page Last Updated: 05 Jan 2018