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Act 2023-26: Utilities Regulation (Amendment) Act, 2023.
Resolution No. 31/2023 Ref. No.: M.P. 5723/1 Vol. I PARLIAMENT
WHEREAS by paragraph (a) of section 3(1) of the Guarantee of Loans (Companies) Act, Cap. 96, the Government may, with the approval of Parliament, guarantee the borrowing of such sums by a company from a lending agency as is authorised by the Government;
AND WHEREAS Kensington Oval Management Incorporated, a company incorporated under the Companies Act, Cap. 308 is a company controlled by the Government within the meaning of section 2 of the Guarantee of Loans (Companies) Act, Cap. 96;
AND WHEREAS Kensington Oval Management Incorporated is seeking a loan in the sum of USD$25.0 million from African Export-Import Bank on the terms and conditions set out in the Schedule for the purpose of financing the rehabilitation and maintenance of sport infrastructures ahead of the 2024 Cricket World Cup which is being held between June 4th and June 30th, 2024 in Barbados;
AND WHEREAS by virtue of section 4 of the Guarantee of Loans (Companies) Act, Cap. 96 the aggregate amount of all borrowings by companies that are guaranteed by the Government shall not exceed $1,000,000,000 without taking into account any amount in respect of interest, commission and any other expenses secured by the guarantees; and the Minister of Finance has certified that the aggregate amount of all borrowings guaranteed by the Government and any further borrowings does not exceed the limit;
BE IT RESOLVED that Parliament approve the guarantee by the Minister of Finance of the payment of the principal sum of USD$25.0 million and interest thereon to be borrowed by Kensington Oval Management Incorporated from African Export-Import Bank on the terms and conditions set out in the Schedule hereto.
APPROVED by the House of Assembly this 5th day of December, Two Thousand and twenty-three.
A. HOLDER Speaker
APPROVED by the Senate this 20th day of December, Two thousand and twenty-three.
R. FARLEY President.
I assent
- GIBSON
Acting President of Barbados 28th December, 2023.
Resolution No. 31/2023 – Cont’d
SCHEDULE
TERMS AND CONDITIONS
Borrower: Kensington Oval Management Incorporated
Facility: African Export-Import Bank
Guarantor: Government of Barbados
Amount: USD$25.0 million
Purpose: To finance the rehabilitation and maintenance of sport infrastructures ahead of the 2024 Cricket World Cup which is being held between June 4th and June 30th, 2024 in Barbados.
Term: Seven years from the first disbursement date. Moratorium period: Two years from the Facility’s first disbursement date.
Repayment: Ten equal semi-annual instalments.
Interest: Seven per cent payable June 30th and December 31st.
Default interest: Two per cent per annum higher than the interest rate applicable for loans.
Availability period: The Facility will be available for utilization for a period aligned
to the construction period from Facility signature date.
Drawdown: The Facility may be drawn down in one or multiple amounts during the availability period subject to a minimum drawdown of US$5 million.
Prepayment: Loans may be prepaid after the last day of the availability period in whole or in part on 14 business days’ prior notice but, if in part, by a minimum of US$5 million.
Any prepayment shall be made with accrued interest on the amount prepaid and, subject to breakage costs, without premium or penalty.
Any amount prepaid may not be redrawn and shall be applied against scheduled repayments in inverse chronological order.
Commitment charge: 0.25 per cent per annum on undisbursed amount.
Upfront advisory fee: One per cent of the Facility Amount, that is USD$250,000.00 due on the date of signature of the Facility Agreement.
Governing law: English law including for any non-contractual obligations.
Resolution No. 32/2023 Ref. No.: M.P. 3064/33/1AT1 PARLIAMENT
WHEREAS it is provided by section 16(7) of the Planning and Development Act, 2019, that the Director of Planning and Development shall submit for the approval of the Minister a development plan for the Island;
AND WHEREAS a development plan called the Barbados Physical Development Plan was submitted to the Minister on 8th day of July, 1970 and in accordance with section 10(2) of the Town and Country Planning Act, Cap. 240, came into operation on the 15th day of March, 1977;
AND WHEREAS in accordance with section 11 of the Town and Country Planning Act, Cap. 240 proposals for alterations to the Barbados Physical Development Plan were submitted to the Minister on 7th day of February, 1985 and in accordance with section 10(2) of the Town and Country Planning Act, Cap. 240, the amendments to the development plan came into operation 1st August, 1991;
AND WHEREAS in accordance with section 11 of the Town and Country Planning Act, Cap. 240, proposals for alterations to the Barbados Physical Development Plan were submitted to the Minister on the 30th day of April, 1998 and the 29th day of January, 2003 respectively and in accordance with section 10(2) of the Town and Country Planning Act, Cap. 240, the amendments to the development plan came into operation 15th April, 2008;
AND WHEREAS in accordance with section 16(3) of the Planning and Development Act, 2019, certain objections and representations with respect to the Barbados Physical Development Plan were made in writing to the Director of Planning and Development who, in accordance with that section, prepared a report to the Minister;
AND WHEREAS in accordance with section 16(5) of the Planning and Development Act, 2019 the Minister appointed the Chairman Mr. Kenneth Atherley to hold separate public enquiries into those objections and representations;
AND WHEREAS certain amendments which were proposed by the Minister under section 16 of the Planning and Development Act, 2019 have been approved by the Cabinet on the 19th October, 2023;
AND WHEREAS it is provided by section 16(7) of the Planning and Development Act, 2019 that the amendments to a development plan shall be submitted for the approval of both Houses;
Resolution No. 32/2023 – Cont’d
BE IT RESOLVED therefore that the House of Assembly and the Senate approve the Barbados Physical Development Plan as amended in 2023 and prior plans rescinded.
APPROVED by the House of Assembly this 12th day of December 2023.
- HOLDER Speaker.
APPROVED by the Senate this 20th day of December, 2023.
R. FARLEY President.
I assent
J. GIBSON
Acting President of Barbados 28th December, 2023.
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Printed and Published by
the Barbados Government Printing Department
UTILITIES REGULATION (AMENDMENT) ACT, 2023-26
Arrangement of Sections
- Short title
- Amendment of section 37 of Cap. 282
UTILITIES REGULATION (AMENDMENT) ACT, 2023-26 3
BARBADOS
I assent
J. GIBSON
Acting President of Barbados 28th December, 2023.
2023-26
An Act to make provision for the exemption of the supply of electricity from renewable energy resources from all or any of the provisions of the Utilities Regulation Act, Cap. 282 where that exemption is required in the public interest.
[Commencement: 29th December, 2023] ENACTED by the Parliament of Barbados as follows:
4 UTILITIES REGULATION (AMENDMENT) ACT, 2023-26
1.
2023.
This Act may be cited as the Utilities Regulation (Amendment) Act,
Amendment of section 37 of Cap. 282
2. Section 37 of the Utilities Regulation Act, Cap. 282 is amended by
inserting immediately after subsection (4) the following:
“(5)
The Minister may, on the recommendation of the Commission
or, on his own initiative, exempt the supply of electricity from a renewable energy resource by a renewable energy producer from the application of all or any of the provisions of this Act, where the Minister is satisfied in all circumstances that the exemption is required in the public interest.”.
