254Borrowing powers of Authorities

254 Borrowing powers of Authorities S. 254(1) amended by No. 99/1993 s. 23(3)(a). (1) In this Division— ***financial accommodation*** includes, but is not limited to— (a) a loan; and (b) an overdraft; and (c) non-conventional forms of financial funding; S. 254(1) def. of *Authority* amended by Nos 50/1992 s. 10(Sch. item 11.31), 99/1993 s. 23(3)(b), 65/1995 s. 22(l), 23/2022 s. 11(3)(b). ***Authority*** does not include a relevant Authority; S. 254(1) def. of *declared Authority* inserted by No. 99/1993 s. 23(3)(c), amended by No. 85/2006 s. 105, repealed by No. 23/2022 s. 11(3)(c). S. 254(1) def. of *relevant Authority* inserted by No. 23/2022 s. 11(3)(a). ***relevant Authority*** means— (a) Melbourne Water Corporation; or (b) an authority within the meaning of the **Borrowing and Investment Powers Act 1987** in respect of which a section of that Act has been prescribed as applying to that authority. (2) An Authority may obtain financial accommodation, subject to subsection (3), at a rate of interest approved by the Treasurer and on any terms and conditions imposed by the Minister. S. 254(3) amended by No. 69/1993 s. 6(a). (3) The total financial accommodation obtained by an Authority in any financial year must not exceed the limit set by the Minister for that Authority for that year, or any higher limit allowed, or lower limit imposed, by the Minister. S. 254(4) substituted by No. 69/1993 s. 6(b). (4) A contract for financial accommodation entered into by an Authority is void if, as a result of the contract, the financial accommodation obtained by the Authority would exceed any limit applying to the Authority, at the time of entering into the contract, under subsection (3). S. 254(5) inserted by No. 99/1993 s. 23(4), amended by No. 23/2022 s. 11(4). (5) A relevant Authority may obtain financial accommodation subject to and in accordance with the **Borrowing and Investment Powers Act** **1987**. S. 254(6) inserted by No. 99/1993 s. 23(4), amended by No. 23/2022 s. 11(5). (6) The payment of amounts payable as a result of or in connection with financial accommodation obtained by a relevant Authority (including the payment of expenses of enforcement) in accordance with powers conferred on the relevant Authority under the **Borrowing and Investment Powers Act 1987** may be secured in such manner as the Treasurer approves.