Pusuc Dp.sr Cap.22:21 21 Payments in connection with guarantees The Minister shall- (a) as circumstances require, pay from the Consolidated Revenue Fund, which is hereby appropriated to the purpose, moneys required to be paid in connection with a guarantee; and (b) pay into the Consolidated Revenue (i) (ii) 22 No" 412il15 Metq,rcrih,{ltNT F'und- any sum received by way of repaymenl of any money paid in terms ofparagraph (a); and any fbes paid in connection with a guarantee. Borrowing by local authorities and public entities (l) A local authority may borrow funds- (a) (b) only within Zimbabwe; and (c) upon obtaining a prior resolution of the council, board or other governing body of the local authority to do so. subject to subsection (3), only up to such limit as prescribed by the Ministcr under subsection (2); and (2)'Ihe Minister shall after consultation with the Minister responsible for Local Government prescribe an annual borrowing limit for each local authority based on its capacity to repay and such other considerations as the Minister nray determine. (3) A local authority intending to borrow above the prescribed threshold shall, upon obtaining a prior resolution of the council, board or other goveming body of the local authority to that effect, obtain prior approval fiom the Minister through the Minister responsible for Local Government to do so. (4) A public entity may borrow funds within Zimbabwe up to such a limit as the Minister may determine after consultation with the Minister responsible for the publ ic entity concerned. (5 ) A local authority or a public entity shall submit to the Office a record of its borrowing no later than ten working days from the date of signing of a loan agreementor obtaining an overdraft, as the case maybe, and shall submit monthly, quartedy and arrnually to the Oflice data on its total outstanding debt. (6) All borrowings of a local authority or a public entity shall be subject to the prior approval of the Minister and relevant Minister responsible for that particular local authority or public entity, as the case maybe. (7) A local authority or a public entity that procures government guarantees or onJending facilities shall fumish the Office with its annual accounts a:rd any reports and docunrcnts as may be required by the Office during the subsistence of such guarantee or on lending. (8) In this section "local authority" inludes 332 of the Constitution- a local authority as def,ned in section 23 Restrictions on borrowing, guarantees and other commitments (1) A public entity that is designated or specifled in terms of section 39 of the Public Finance Management Act shall not borrow money or issue a guarantee, indemnity or security, or enter into any other transaction that binds or may bind that entity or the Consolidated Revenue F-und to any l"uture linarncial commitment, unless such borrowing, guarantee, indemnity, security or other transaction- (a) is authorised in accordance with this Act: and 111