PART 1 | Short title and commencement |
| 1. This Act is the Significant Infrastructure Government Loan Act 2021 and comes into operation on a date that the Minister appoints by notification in the Gazette. |
2.—(1) In this Act, unless the context otherwise requires —| “book‑entry security” means any security issued under this Act in the form of an entry on the records of the MAS and which is transferable by way of book‑entry in the register maintained by the MAS, and not by way of an instrument of transfer; |
“depositary institution” means a financial institution approved by the MAS which regularly —| (a) | accepts in the course of its business book‑entry securities by way of a custodial service for its customers; and | | (b) | maintains accounts in the names of its customers reflecting ownership or interest in such book‑entry securities; |
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| “depositor” means any person in whose name an account is established and maintained on the records of the MAS; |
| “Development Fund” means the Development Fund constituted under the Development Fund Act 1959; |
| “face value”, for any security issued under this Act, means its face value at the time the security was issued; |
| “MAS” means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act 1970; |
“maturity date”, for any security issued under this Act, means the date —| (a) | specified, in accordance with the Regulations relating to the issue of that security, as the date on which the security is redeemable at par; or | | (b) | specified by the Minister in the terms of the issue as the date on which the security is redeemable at par where the Regulations do not apply to that issue; |
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“nationally significant infrastructure” means any structure or building in Singapore (whether above or below ground or water) that —| (a) | is or is intended to be controlled and legally owned by the Government; | | (b) | is or is intended primarily for any of the following purposes or a combination of any of the following purposes:| (i) | the transport by road or rail, air, sea or inland waterway of passengers or goods or both; | | | | Roads, paths, railways, tunnels and bridges for roads or railways in Singapore that are used by the public for the movement or transport of people or goods. |
| | | A runway or taxiway, or a parking apron for loading and unloading of aircraft passengers or cargo. |
| | | A building wholly or principally for use as a passenger terminal or cargo terminal for transport by land or air. |
| | | A wharf or dock in Singapore used by the public to facilitate the carriage or transfer of cargo or passengers travelling by sea or river. |
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| | (ii) | the collection, treatment and disposal of sewage or the supply or recovery and treatment of water; | | (iii) | the alleviation of floods; | | (iv) | the protection, conservation, rehabilitation and management of the coastal zone to mitigate current and future risks from coastal hazards, taking into account the effects of climate change; | | | | Seawall, revetment, groyne, weir or dyke, drains or other channels for the interaction of tidal waters with catchment floodwaters, breakwaters, flood gates, barrages and coastal pumping stations. |
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| | (v) | the generation, transmission or distribution of electricity, gas or other energy or power; | | | | Power stations, substations, transmission lines and transformers for electricity generation, transmission or distribution. |
| | | Pipelines used to transport gases which liquefy under pressure (such as natural gas, ethane and LPG) from a gas processing plant. |
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| | (vi) | the delivery of telecommunications, broadcasting, electronic and other data communications services; | | (vii) | any other purpose (which may include a supply chain or an interconnected network) in which initial or further investment is vital to supporting, or is likely to materially improve, national productivity or Singapore’s economic, environmental or social sustainability; and |
| | (c) | is or is intended principally for use by (whether or not free) or for the benefit of the present and future generations of the general public in Singapore; |
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| “nationally significant infrastructure expenditure” has the meaning given by section 11; |
“pledge” includes a pledge of, or any interest which secures the payment of a debt or performance of an obligation (but not arising from a trust) in, any book‑entry security —| (a) | as collateral for loans or advances; or | | (b) | to secure deposits of public moneys or the performance of an obligation; |
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| “primary dealer” means a person approved under Part 7A of the Government Securities Act 1992 to be a primary dealer; |
| “public authority” means a body or an office that is established or constituted by or under a public Act to perform or discharge a public function, and includes a Town Council; |
| “Regulations” means regulations made under this Act; |
“related facility”, for any nationally significant infrastructure, means a structure or building, fitting, fixture, plant, computer or other system adjoining to or forming part of another structure or building in Singapore, without which the other structure or building — | | | will not have or have left, or cannot reasonably be expected to have or have left, a useful life of at least 50 years; |
| | | | cannot reasonably operate for its intended purpose or purposes, being a purpose described in paragraph (b) of the definition of “nationally significant infrastructure”; or |
| | | | otherwise ceases to be a nationally significant infrastructure, |
| | | regardless of the useful life of the related facility itself, but does not include any train, vehicle or vessel; |
| | | | | Gratings, float, boom, gauge, tidegate, sump, pumping station, pumps and associated pipe work, maintenance access, and debris interception and removal facility related to the functioning of a storm water drainage system are related facilities for a nationally significant infrastructure for the alleviation of floods. |
| | | Aviation fuel pipelines and water and sprinkler facilities relating to normal airport safety requirements, and specific purpose equipment used for unloading cargo or passengers at the airport such as airbridges and mobile air‑stairs are related facilities for a nationally significant infrastructure for air transport. |
| | | Rolling stock, locomotives, aircraft and barges are not related facilities for a nationally significant infrastructure for transport. |
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| “security” includes stock, bonds, notes, certificates, bills and similar instruments; |
| “useful life”, for any thing, means the period that the thing is or is expected to be available and in a condition for use for the purpose which the thing is designed for. |
(2) In this Act —| “Development Fund Act 1959” includes the Development Fund Act (Cap. 80, 2013 Ed.) until it is revised and citable by the short title “the Development Fund Act 1959”; |
| “External Loans Act 1968” includes the External Loans Act (Cap. 102, 2014 Ed.) until it is revised and citable by the short title “the External Loans Act 1968”; |
| “Finance Companies Act 1967” includes the Finance Companies Act (Cap. 108, 2011 Ed.) until it is revised and citable by the short title “the Finance Companies Act 1967”; |
| “Financial Procedure Act 1966” includes the Financial Procedure Act (Cap. 109, 2012 Ed.) until it is revised and citable by the short title “the Financial Procedure Act 1966”; |
| “Government Securities Act 1992” includes the Government Securities Act (Cap. 121A, 2014 Ed.) until it is revised and citable by the short title “the Government Securities Act 1992”; |
| “Income Tax Act 1947” includes the Income Tax Act (Cap. 134, 2014 Ed.) until it is revised and citable by the short title “the Income Tax Act 1947”; |
| “Interpretation Act 1965” includes the Interpretation Act (Cap. 1, 2002 Ed.) until it is revised and citable by the short title “the Interpretation Act 1965”; |
| “Monetary Authority of Singapore Act 1970” includes the Monetary Authority of Singapore Act (Cap. 186, 1999 Ed.) until it is revised and citable by the short title “the Monetary Authority of Singapore Act 1970”. |
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| 3. The purpose of this Act is to enable financing by borrowing to meet the Government’s commitment to Singapore’s future by investing in nationally significant infrastructure and their related facilities in which initial or further investment is vital to supporting or is likely to materially improve national productivity or Singapore’s economic, environmental or social sustainability. |
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