LOCAL GOVERNMENT ACT (NORTHERN IRELAND) 1972 - SECT 66 Power to suspend annual provision for repayment of, and to borrow for payment of interest on, certain borrowed money.

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LOCAL GOVERNMENT ACT (NORTHERN IRELAND) 1972 - SECT 66

Power to suspend annual provision for repayment of, and to borrow for payment of interest on, certain borrowed money.

66.(1) Where a sum is borrowed by a council for any of the following purposes

(a)meeting expenditure on the construction of new, or the extension or
alteration of existing, works forming or to form part of an undertaking of a
revenue-producing character;

(b)carrying out on any land any other operations, being operations of such
kind as may be prescribed by the Ministry or operations specified in relation
to that land by direction of the Ministry;

(c)acquiring land for the purpose of the construction thereon of new, or the
extension or alteration of existing, works forming part of or to form part of
an undertaking of a revenue-producing character, or for the purpose of the
carrying out thereon of operations of a kind prescribed by virtue of paragraph
(b), or operations specified in relation to that land by direction of
the Ministry;

(i)suspend, in whole or in part, any annual provision required to be made
during the first-mentioned period for the repayment of the sum borrowed;

(ii)borrow money for the payment of all or any of the interest due in respect
of the first-mentioned period on the sum borrowed.

(2) Where

(a)land is acquired by a council; and

(b)a sum is borrowed by the council for the purpose of the acquisition; and

(c)the acquisition is not for the purpose of the construction on the land of
new, or for the extension or alteration of existing, works forming or to form
part of an undertaking of a revenue-producing character, or for the purpose of
carrying out on the land operationd of a kind prescribed by virtue of
subsection (1)(b) or operations specified in relation to that land by
direction of the Ministry; and

(d)the land is subsequently appropriated for a purpose mentioned in paragraph
(c);

(i)suspend, in whole or in part, any annual provision required to be made
during the first-mentioned period for the repayment of the sum borrowed;

(ii)borrow money for the payment of all or any of the interest due in respect
of the first-mentioned period on the sum borrowed.

(3) A sum borrowed by virtue of paragraph (ii) of subsection (1) or (2) for
the payment of interest on a sum borrowed shall be repaid within
the fixed period relevant to the last-mentioned sum.

(4) In this section

"the fixed period" means the period originally fixed as the period within
which the money borrowed is to be repaid;

"undertaking" means an undertaking in the nature of a trading undertaking for
the provision of any service which the council is authorised to undertake.

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Northern Irish Legislation

LOCAL GOVERNMENT ACT (NORTHERN IRELAND) 1972 - SECT 66