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Funds for construction of Mass Rapid Transit System

Rapid Transit Systems Act

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—(1) For the purpose of enabling the Corporation to carry out its function of constructing and equipping the Mass Rapid Transit System, the Minister for Finance shall, from time to time, provide funds, subject to such conditions as he may impose, to the Corporation out of moneys provided by Parliament.(2) The Corporation may, from time to time and with the approval of the Minister for Finance, borrow or otherwise raise money in any currency in Singapore or elsewhere for the purpose referred to in subsection (1) and on such terms and conditions as it thinks fit.(3) The repayment of money borrowed or raised by the Corporation for the purpose referred to in subsection (1), and interest, premium and other charges thereon and costs and fees incurred for the purpose of borrowing or raising such money shall be met out of funds provided to the Corporation by the Minister for Finance.(4) Nothing in this section shall be construed to restrict the power of the Corporation to borrow or raise or secure the repayment of money for purposes other than the purpose referred to in subsection (1).[18

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