Reference is made to Ministry of Finance Circular No. 6 of 1998 dated 28^th May 1998 in which you were informed of the introduction of a computer loan facility, which is available to certain categories of Public Servants.

2. The conditions and procedures for accessing the loans are set out hereunder:

1. TERMS AND CONDITIONS

1. The loan is limited to 80% of the cost of the computer, up to a maximum of $15,000.

 

2. Other peripheral equipment such as a printer and a surge protector may be included with the purchase of the computer.

 

3. The loan facility is interest-free and repayable within a period of three years.

 

4. All officers accessing loans must execute a Mortgage Bill of Sale at the Office of the Chief State Solicitor and pay the required legal fees before the Agreement is signed.

 

5. The equipment for which loans are issued must be insured. The Insurance Premium will be a one-off payment for a three- (3) year period and will form part of the loan, which must not exceed $15,000. The Treasury Division will be responsible for effecting the Insurances under a group plan.

1. PROCEDURES

Application for loan

1. An application for loan must be made on an "Application for Computer Loan" form CL1 which is available at Ministries/ Departments/ Statutory Authorities and the Tobago House of Assembly.

 

2. Parts A and B of the application form are to be filled out by the applicant.

 

3. Part C of the form must be completed by the Permanent Secretary/ Head of Department or a senior officer delegated by the Permanent Secretary in the Ministry/ Department to which the officer is assigned.

 

4. The application form must then be forwarded to the Computer Loans Unit of the Treasury Division accompanied by the following:

1. Original salary slip or a copy certified by the Head of the Accounts Section.

 

2. A Pro-forma invoice from the supplier of the computer equipment. The firm must be registered for VAT purposes and the invoice must bear the VAT registration number as well as the serial numbers of the equipment to be purchased.

 

3. A receipt from the supplier for at least 20% of the purchase price of the equipment. The receipt must be issued in the name of the borrower.

Notification of Loan Approval

1. After the loan has been approved the Comptroller of Accounts will complete Section A of a "Notification of Approval of a computer Loan" form in quadruplicated advising of the approval of the advance and the terms of repayment.

 

2. The Notification will be distributed as follows:-

1. Original to the Accounting Unit where the officer's salary is paid.

 

2. One copy to the Ministry/ Department where the officer is assigned, if different to where substantive appointment is held.

 

3. One copy to officer.

 

4. One copy retained for officer's file.

1. Section B of the original notification must be completed by the Paysheet Clerk. In addition, the Internal Auditor must certify that the data have been recorded in the relevant records of the Ministry/ Department.

 

2. Section B duly signed and stamped by the Paysheet Clerk and the Internal Auditor must then be detached and returned to the Treasury Division so that approval can be given to the Chief State Solicitor to proceed with the execution of the Mortgage Bill of Sale.

2. Upon signing of the Agreement in the Office of the Chief State Solicitor, a cheque prepared in the name of the firm on the pro forma invoice will be handed over to the borrower on presentation of proper identification.

 

3. Please be guided by the contents of this Circular and ensure that its provisions are brought to the attention of all members of staff within your Ministry/ Department/ Statutory Authority and the Tobago House of Assembly.

K. Henry

Comptroller of Accounts