(1) The Treasurer may, on the terms and conditions the Treasurer considers appropriate—
(a) borrow money for a territory authority; or
(b) lend public money to a territory authority.
(2) A borrowing may be secured by the territory authority's assets approved by the Treasurer for this section.
(3) A territory authority may arrange an overdraft or credit facility only with the written approval of the Treasurer.
(4) A loan under subsection (1) (b) may be made only from—
(a) money appropriated for the purpose of making the loan; or
(b) money appropriated for purposes that include the purpose of making the loan.
(5) However, subsection (4) does not apply to an overdraft or credit facility for a territory authority from the territory banking account that is approved by the Treasurer for the authority.
(6) The Treasurer may approve an overdraft or credit facility for a territory authority under subsection (5) only if satisfied that it is for a purpose consistent with a function of the authority.
(7) An approval under subsection (5) must state, for the overdraft or credit facility—
(a) each purpose for which it may be used; and
(b) the maximum amount that may be outstanding at any time; and
(c) conditions about—
(i) the repayment of principal; and
(ii) the interest rate; and
(iii) the repayment of interest.
(8) An approval under subsection (5) may also state any other condition that the Treasurer requires.
(9) An approval under subsection (5) is a disallowable instrument.
Note A disallowable instrument must be notified, and presented to the Legislative Assembly, under the Legislation Act
.
(10) An overdraft or credit facility approved under subsection (5) must be reviewed annually by the Treasurer.