Gazette August 11, 2022 Part A CLVII No. 86

Aug 11, 2022 | Part A

VOL. CLVII No. 86
Part A BRIDGETOWN, BARBADOS, 11TH AUGUST, 2022

Bill re Barbados Optional Savings Bonds Plus (Offer to
the Public) Act, 2022.
S.I.
2022 No. 70: Road Traffic (Motoring Club Barbados, Inc. “Speed Trials”) Directions, 2022.

S.I.
2022 No. 71: Road Traffic (Barbados Rally Club, “Speed Trials”) Directions, 2022.

Printed and Published by
the Barbados Government Printing Department

BARBADOS OPTIONAL SAVINGS BONDS PLUS (OFFER TO THE
PUBLIC) ACT, 2022

OBJECTS AND REASONS
This Bill would provide for the public to invest in the Barbados Optional Savings Scheme Plus.
BARBADOS OPTIONAL SAVINGS BONDS PLUS (OFFER TO THE
PUBLIC) ACT, 2022

Arrangement of Sections

  1. Short title
  2. Interpretation
  3. Establishment of Scheme
  4. Purpose of Scheme, issuance of bonds and rate of interest
  5. Payment of interest
  6. Monetary value of bonds
  7. Bonds to be tradeable and negotiable
  8. Bank to be fiscal agent for the Government
  9. Bonds to be redeemable
  10. Amendment of Schedule
  11. Commencement SCHEDULE

Terms and conditions for the issue of the bonds
BARBADOS
A Bill entitled
An Act to provide for the public to invest in the Barbados Optional Savings Scheme Plus. ENACTED by the Parliament of Barbados as follows:
Short title

  1. This Act may be cited as the Barbados Optional Savings Bonds Plus (Offer to the Public) Act, 2022.
    Interpretation
  2. In this Act,
    “Bank” means the Central Bank of Barbados;
    “bonds” means the Barbados Optional Savings Bonds Plus issued under this Act;

and “Scheme” refers to the Scheme established by section 3.
Establishment of Scheme

  1. The Barbados Optional Savings Scheme Plus is hereby established.
    Purpose of Scheme, issuance of bonds and rate of interest
    4.(1) The purpose of the Scheme is to provide a vehicle through which the general public may invest in the bonds issued under this Act in order to facilitate the funding of environmental, economic and social development in Barbados.
    (2)
    The bonds referred to in subsection (1) shall be issued upon terms and conditions set out in the Schedule.

(3)
The bonds shall mature 5 years after the date of issue of each bond.

Payment of interest

  1. Interest accrued on the bonds is payable semi-annually.
    Monetary value of bonds
  2. The monetary value of bonds to be issued for each financial year shall be in such amount as may be determined by Order made by the Minister.
    Bonds to be tradeable and negotiable

7.(1) A bond shall be a tradeable and negotiable instrument and shall be subject to the terms and conditions set out in the Schedule.
(2)
After the month of issuance market conditions shall apply to the trading of the bonds.

(3)
Nothing in the Income Tax Act, Cap. 73, the Stamp Duty Act, Cap. 91 or any enactment relating to the imposition of a tax or any impost on bonds, shall apply to bonds issued under this Act.

Bank to be fiscal agent for the Government

  1. The Bank shall be the fiscal agent of the bonds and shall perform all functions necessary in relation to dealing with bonds.
    Bonds to be redeemable
  2. A bond may be redeemed at par by the bondholder 24 months after the date of first issue.
    Amendment of Schedule
  3. The Minister may by Order amend the Schedule.
    Commencement
  4. This Act shall come into operation on the 1st day of September, 2022.
    SCHEDULE

(Sections 4(2) and 7(1))

Terms and conditions for the issue of the bonds
The terms of the bond are as follows:

  1. A 5-year bond with a 4.5 per cent interest rate per annum.
  2. Interest accrued shall be payable semi-annually and the principal paid 5 years from date of issuance of bond.
  3. No withholding tax on the interest earned. Stamp duty shall not be payable.
  4. Bonds are fully tradeable in the Secondary Bond Market.
  5. Bonds can be purchased on monthly tranches.
  6. Protected bonds – As with the domestic debt restructuring of 2018 in which savings bonds issued pursuant to the Debt Holder (Approval of Debt Restructuring) Act, 2018 (Act 201824) were not restructured, these bonds are protected from restructuring.
  7. Bonds will have an early redemption feature (after 24 months of date of issue) which will allow individuals to redeem their bonds early.

Read three times and passed the House of Assembly this day of , 2022.
Speaker
Read three times and passed the Senate this day of , 2022.
President

PARLIAMENT
FIRST SESSION OF 2022-2027
BILL
cited as the Barbados Optional Savings Bonds Plus (Offer to the Public) Act, 2022
Government Printing Department

S.I. 2022 No. 70
DIRECTIONS GIVEN BY THE CHIEF TECHNICAL
OFFICER WITH THE APPROVAL OF THE
MINISTER RESPONSIBLE FOR ROAD
TRAFFIC UNDER REGULATION 88
OF THE ROAD TRAFFIC
REGULATIONS, 1984

  1. These directions may be cited as the Road Traffic (Motoring Club Barbados, Inc. “Speed Trials”) Directions, 2022.
  2. The following roads will be closed during the specified period:
    On Saturday August 20, 2022
    (a) Between the hours of 1:00 p.m. and 6:00 p.m. in the parish
    of Saint Philip, the section of road known as Harrow road, commencing from its junction with Sunbury road, proceeding in an easterly direction on the said Harrow road, continuing in a south easterly direction along Padmore Village road, proceeding in a southerly direction on Bushy Park road, continuing in an easterly direction on Fairfield road, proceeding in a northerly direction on Sandford, Mapps and Bayleys roads, and finishing
    at the junction of Bayleys road and Golden Grove Plantation
    road.
  3. Any person who contravenes these directions or fails to comply with the orders given by a member of the Barbados Police Service in
    uniform, commits an offence and is liable on summary conviction to a fineof $500.00orimprisonmentforatermofsix(6)months.
  4. These rules do not apply to vehicles used by the Barbados
    Police Service, the Fire Service or any  Ambulance Service. Given  by   the Chief   Technical Officer this27thdayofJuly2022. PHILIPA.TUDOR Chief Technical Officer(Ag.) ApprovedbytheMinisterthis5thday of August, 2022.
    S.BRADSHAW
    Minister responsible for Transport, Works and Water Resources.

S.I. 2022 No. 71
DIRECTIONS GIVEN BY THE CHIEF TECHNICAL
OFFICER WITH THE APPROVAL OF THE
MINISTER RESPONSIBLE FOR ROAD
TRAFFIC UNDER REGULATION 88
OF THE ROAD TRAFFIC
REGULATIONS, 1984

  1. These directions may be cited as the Road Traffic (Barbados Rally Club, “Speed Trials”) Directions, 2022.
  2. The following roads will be closed during the specified period:
    On Sunday August 21, 2022
    (a) Between the hours of 10.00 a.m. and 6.00 p.m. in the parish of Saint Peter, the section of road known as Orange Hill road, commencing from the junction with The Rock (Sailor gully), proceeding in an easterly direction on the said Orange Hill road, continuing in a northerly direction on French Village road, proceeding in a westerly direction on the said French Village
    road and finishing three hundred metres from Mount Brevitor
    Plantation.
  3. Any person who contravenes these directions or fails to comply with the orders given by a member of the Barbados Police Service in uniform, commits an offence and is liable on summary conviction to a fine
    of $500.00 or imprisonment for a term of six (6) months.
  4. These rules do not apply to vehicles used by the Barbados Police Service, the Fire Service or any  Ambulance Service.
    Given  by   the Chief  Technical Officer this27thdayofJuly2022.
    PHILIP A. TUDOR
    Chief Technical Officer (Ag.) ApprovedbytheMinisterthis5thday of August, 2022.
    S. BRADSHAW
    Minister responsible for Transport, Works and Water Resources.