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Trinidad & Tobago: Bill passed: Finance Minister seeks to oversee WASA, T&TEC borrowing

A Bill outlining amendments to borrowing powers for the Water and Sewerage Authority (WASA) and the Trinidad and Tobago Electricity Commission (T&TEC) was passed with amendments in Parliament.

The legislation, titled ‘The Miscellaneous Amendments (Powers of Statutory Authorities and Matters related to certain Boards) Bill, 2020’, was committed to a Committee of the Whole Senate for consideration.

According to the Bill Essentials, the Bill would amend Section 21 of the Trinidad and Tobago Electricity Commission Act by mandating that T&TEC obtain approval from the Minister of Finance rather than the President, to borrow or raise capital.

The Bill also seeks to amend the Water and Sewerage Authority Act by increasing the number of Commissioners on the Authority from nine to 11 and allow WASA to issue securities to raise money to meet financial obligations, subject to the Finance Minister’s approval.

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