LAGOS STATE BONDS, NOTES AND OTHER SECURITIES ISSUANCE LAW

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LIST OF LAWS OF LAGOS, [ALPHABETICAL]  

BONDS, NOTES AND OTHER SECURITIES ISSUANCE LAW

ARRANGEMENT OF SECTIONS

1.       Establishment of a Consolidated Debt Service Account

2.       Appropriation of Funds

3.       Sinking Fund

4.       Appointment of trustees

5.       Investment of the Fund

6.       Cessation of contributions to the Fund

7.       Expenses to be paid out of the Sinking Fund

8.       Deficiency in Sinking Fund chargeable on revenue

9.       Power to raise loans

10.     Issuance of bonds etc.

11.     Redemption date of instruments

12.     Method of issuance

13.     Arrangements for issuance of instruments

14.     Application of loan receipts

15.     Registrar

16.     Register of instruments

17.     Closing of the register

18.     Register a conclusive evidence of facts entered in it

19.     Transfer of registered instruments

21.     Registration of transfers and liens on instruments

21.     Rating of instruments

22.     Notice of trust

23.     Inspection of register

24.     Power to make regulations

25.     Repeal L.18 LLS 2003

26.     Interpretation

27.     Citation and commencement

SCHEDULE

APPENDIX 1

BONDS, NOTES AND OTHER SECURITIES ISSUANCE LAW

A LAW TO PROVIDE FOR RAISING OF LOANS THROUGH ISSUANCE OF BONDS, NOTES AND OTHER SECURITIES AND FOR CONNECTED PURPOSES

[Commencement]                                                           [19th August 2008]

THE LAGOS STATE HOUSE OF ASSEMBLY enacts as follows:

1.       Establishment of a Consolidated Debt Service Account

A Consolidated Debt Service Account which is a saving account to be fully funded from the 15% appropriation of the monthly Internally Generated Revenue of the State is established to service the debt obligations of the State under this under this Law.

LAWS OF LAGOS STATE

LAWS OF THE FEDERAL REPUBLIC OF NIGERIA