LOCAL GOVERNMENT ACT (NORTHERN IRELAND) 1972

	[Home] [Databases] [World Law] [Search] [Feedback]
	Northern Irish Legislation
You are here: BAILII >> Databases >> Northern Irish Legislation >> WELFARE OF ANIMALS ACT (NORTHERN IRELAND) 1972

[Index] [Table] [Search] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

LOCAL GOVERNMENT ACT (NORTHERN IRELAND) 1972 - SECT 61



61.(1) Without prejudice to subsections (2) and (4) and section 68(1), where
the Ministry is satisfied that, by reason of the nature of the expenditure
incurred or to be incurred by a council in the excercise of any of its
functions, the expenditure should be met by borrowing and repayment spread
over a term of years, then the council may borrow on such terms and conditions
(including conditions as to time and manner of repayment) as the Ministry
approves.

(2) A council may borrow without the approval of the Ministry, by way of
temporary loan or overdraft from a bank or otherwise, any sum which the
council temporarily requires

(a)for the purpose of defraying expenses (including the payment of sums due by
the council to meet the expenses of other bodies) pending the receipt of
revenues receivable by the council in respect of the financial year in which
those expenses are chargeable;

(b)for the purpose of defraying, pending the raising of a loan which the
council has been authorised under subsection (1) to raise, expenses intended
to be defrayed by means of the loan.

(3) Where money is borrowed in pursuance of paragraph (b) of subsection (2)
and subsequently a loan such as is mentioned in that paragraph is raised, then
for the purposes of any approval regulating the period of the repayment of
that loan, the loan shall, to the extent of the sum borrowed under that
paragraph, be deemed to have been raised at the time when the borrowing under
that paragraph took place.

(4) A council may also borrow without the approval of the Ministry such sums
as are necessary in order to provide working capital or to meet any other
expenditure (not being expenditure of a capital nature) required for the
purposes of any public utility undertaking carried on by the council; but

(a)the total sums borrowed under this subsection and for the time being
outstanding shall not, except with the approval of the Ministry, exceed an
amount representing one-half of the gross revenue of the undertaking for the
immediately preceding financial year;

(b)any sum borrowed under this subsection to defray expenditure shall be
repaid as soon as reasonably practicable and in any event not later than the
expiration of two years from the date of borrowing, unless the approval of
the Ministry is obtained to the repayment being spread over a longer period.

(5) This section shall not prejudice any provision contained in or made under
the Loans Guarantee and Borrowing Regulation Act (Northern Ireland) 1946.

[Index] [Table] [Search] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

BAILII: Copyright Policy | Disclaimers | Privacy Policy | Feedback
URL: http://www.bailii.org/nie/legis/num_act/woaai1972325/s61.html

Northern Irish Legislation

LOCAL GOVERNMENT ACT (NORTHERN IRELAND) 1972 - SECT 61