Minister of Transport and Works, John Boyce, will pilot a number of money resolutions, when Parliament meets tomorrow.
First, as the committee of supply, Members of Parliament will decide whether the sum of $599,168 should be taken from the Consolidated Fund and placed at the disposal of the Government to supplement the Estimates 2012-2013.
Boyce will seek to have approved a resolution to approve the guarantee by Government of the principal and interest on this amount necessary for the repayment of $35,000,000 to be raised by the Transport Board through the issue and sale of fixed rate bonds. The bonds are arranged “by the Barbados National Bank and Finance Trust Corporation on the terms and conditions set out in the Schedule to the Resolution for the purpose of the repayment of a short-term bridging facility advanced by the Barbados National Bank Inc. to the Transport Board”.
Members will also debate whether Government should approve the guarantee of a loan totalling $10,900,000 and interest on that sum that is to be “borrowed by the Transport Board from the Barbados National Bank Inc.” The monies are for financing an operating short-fall, paying creditors and purchasing capital equipment.
In addition, Minister of Finance and Economic Affairs, Chris Sinckler, will move the First Reading of the Value Added Tax (Barbados Network Programme) (Validation) Bill 2012.