Singapore legislation
Section 10
Section 10
Borrowing only for nationally significant infrastructure expenditure
(1)
The face value of every security issued under this Act, less any sum mentioned in section 5(2) —
(a)
must be paid into the Development Fund; and (b)may only be appropriated to meet nationally significant infrastructure expenditure by the Government.
(2)
Out of the proceeds of money raised under this Act, only the face value of every security issued under this Act, less any sum mentioned in section 5(2), must be treated as moneys received by way of loan upon the public credit of Singapore for the purposes of section 6 of the Financial Procedure Act 1966.