Paragraph 113 Public debt

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

Sch. 2 s. 96(1) substituted by Cayman Islands Constitution 2016 art. 3(1)
Sch. 2 s. 97(3) deleted by Cayman Islands Constitution 2016 art. 3(2)
Sch. 2 s. 106(1) words omitted by Cayman Islands Constitution 2016 art. 3(3)(a)
Sch. 2 s. 106(1A)(1B) inserted by Cayman Islands Constitution 2016 art. 3(3)(b)
Sch. 2 word substituted by Cayman Islands Constitution 2020 art. 3(1)
Sch. 2 s. 32(1) words substituted by Cayman Islands Constitution 2020 art. 4(2)
Sch. 2 s. 32(2)(c) omitted by Cayman Islands Constitution 2020 art. 4(3)
Sch. 2 s. 32(5)-(9) substituted for s. 32(5) by Cayman Islands Constitution 2020 art. 4(4)
Sch. 2 s. 44(1)(b) word substituted by Cayman Islands Constitution 2020 art. 5(2)
Sch. 2 s. 44(2) words inserted by Cayman Islands Constitution 2020 art. 5(3)
Sch. 2 s. 44(5) inserted by Cayman Islands Constitution 2020 art. 5(4)
Sch. 2 s. 48(5) inserted by Cayman Islands Constitution 2020 art. 6(2)
Sch. 2 s. 54A inserted by Cayman Islands Constitution 2020 art. 7
Sch. 2 s. 58(4) words substituted by Cayman Islands Constitution 2020 art. 8
Sch. 2 s. 58A 58B inserted by Cayman Islands Constitution 2020 art. 9
Sch. 2 s. 71(1) words omitted by Cayman Islands Constitution 2020 art. 10
Sch. 2 s. 77(2) substituted by Cayman Islands Constitution 2020 art. 11(2)
Sch. 2 s. 77(4)(5) inserted by Cayman Islands Constitution 2020 art. 11(3)
Sch. 2 s. 80 omitted by Cayman Islands Constitution 2020 art. 12
Sch. 2 s. 124(1) words omitted by Cayman Islands Constitution 2020 art. 13(2)
Sch. 2 s. 124(2)(a) substituted by Cayman Islands Constitution 2020 art. 13(3)
Sch. 2 s. 124(2)(c) substituted by Cayman Islands Constitution 2020 art. 13(4)
Sch. 2 s. 126 inserted by Cayman Islands Constitution 2020 art. 14

(1)

Total Government borrowing shall not exceed an amount for which the sum of—

(a)

total interest payments;

(b)

total other debt servicing expenses, including arrangement fees and sinking fund expenses; and

(c)

total principal or amortised debt repayments,

for a financial year is more than a percentage of Government revenue set out in law and agreed with a Secretary of State (calculated using generally accepted accounting practice) for that financial year.

(2)

Subject to this Constitution, a law enacted by the Legislature may provide for a higher percentage for a limited period where a matter arises of a nature or urgency which in the opinion of the Cabinet makes it necessary to do so.

(3)

For the purposes of this section, “Government borrowing” means borrowing in the name of the Government regardless of whether repayments are made directly by the Government or by a public or governmental body (including any statutory body, company or association).