LOCAL GOVERNMENT ACT (NORTHERN IRELAND) 1972 - SECT 65 Repayment of money borrowed.

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LOCAL GOVERNMENT ACT (NORTHERN IRELAND) 1972 - SECT 65

Repayment of money borrowed.

65.(1) Subject to section 66, money borrowed by a council (other than money
borrowed under section 61(2)(a) pending the receipt of revenues) shall be paid
off either

(a)by equal yearly or half-yearly instalments of principal, or of principal
and interest combined; or

(b)by means of a sinking fund;

(2) Where the money is to be paid off as mentioned in subsection (1)(a), the
payment of the first instalment shall be made within twelve months or, where
the money is repayable by half-yearly instalments, within six months from the
date of borrowing.

(3) The provisions of Schedule 5 shall apply with respect to sinking funds.

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Northern Irish Legislation

LOCAL GOVERNMENT ACT (NORTHERN IRELAND) 1972 - SECT 65