Accountants (Amendment) Act, 2022 (Act 11 of 2022)

NATIONAL ROADS AUTHORITY (AMENDMENT) BILL, 2022 A BILL FOR AN ACT TO AMEND THE NATIONAL ROADS AUTHORITY ACT (2016 REVISION) IN ORDER TO AMEND THE BASIS OF FUNDING FOR THE NATIONAL ROADS AUTHORITY; AND FOR INCIDENTAL AND CONNECTED PURPOSES

PUBLISHING DETAILS Sponsoring Ministry/Portfolio: Ministry of Planning, Agriculture, Housing and Infrastructure (PAHI)

Objects and Reasons

Memorandum of OBJECTS AND REASONS This Bill seeks to amend the National Roads Authority Act (2016 Revision) in order to amend the basis of funding for the National Roads Authority.

Clause 1 of the Bill provides the short title of the legislation.

Clause 2 repeals and replaces section 19(1) of the National Roads Authority Act (2016 Revision) to provide that the Cabinet, with effect from 1st January 2022, shall authorise the transfer of revenue not exceeding fourteen million dollars, to the Authority, via the Road Fund, for the purpose of funding the Authority’s annual operating cost, in particular, the construction, upgrading, rehabilitation and maintenance of public roads.

Clause 1

NATIONAL ROADS AUTHORITY (AMENDMENT) BILL, 2022 A BILL FOR AN ACT TO AMEND THE NATIONAL ROADS AUTHORITY ACT (2016 REVISION) IN ORDER TO AMEND THE BASIS OF FUNDING FOR THE NATIONAL ROADS AUTHORITY; AND FOR INCIDENTAL AND CONNECTED PURPOSES ENACTED by the Legislature of the Cayman Islands. Short title This Act may be cited as the National Roads Authority (Amendment) Act, 2022.

Clause 2

Amendment of section 19 of the National Roads Authority Act (2016 Revision) - revenue to be placed into Road Fund and transferred to the Authority to fund its operating costs The National Roads Authority Act (2016 Revision) is amended in section 19 by repealing subsection (1) and substituting the following subsection — “(1) The Cabinet, with effect from 1st January 2022, shall authorise the transfer of revenue not exceeding fourteen million dollars, to the Authority, via the Road Fund, for the purpose of funding the Authority’s annual operating cost, in particular, the construction, upgrading, rehabilitation and maintenance of public roads.”. Passed by the Parliament the day of , 2022.

Speaker

Clerk of the Parliament