LOCAL GOVERNMENT ACT (NORTHERN IRELAND) 1972 - SECT 68 Power to re-borrow.

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LOCAL GOVERNMENT ACT (NORTHERN IRELAND) 1972 - SECT 68

Power to re-borrow.

68.(1) Subject to subsection (2), a council may, without the approval of
the Ministry, borrow for the purpose of

(a)paying off any money previously borrowed by the council which is intended
to be repaid forthwith; or

(b)replacing money which, during the immediately preceding year, has been
temporarily applied from other money of the council in repaying money
previously borrowed and which, at the time of such repayment, it was intended
to replace by borrowed money.

(2) A council shall not borrow under this section

(a)for the purpose of making any payment to a sinking fund or of paying any
instalment which has or may become due in respect of borrowed money; or

(b)for the purpose of replacing any money previously borrowed which has been
repaid

(i)by instalments; or

(ii)by means of a sinking fund; or

<(iii)out of money derived from the sale of land; or


<(iv)out of any capital money properly applicable to the purpose of the repayment, other than money borrowed for that purpose.


(3) Any money borrowed under this section shall, for the purposes of repayment
be deemed to form part of the original loan, and shall be repaid within that
portion of the fixed period which remains unexpired, and the provisions which
are applicable to the original loan shall apply to the money borrowed under
this section, so however that the Ministry may, upon application made to it
for that purpose, extend the period for repayment of the money borrowed under
this section so as to expire on such date as the Ministry thinks fit.

(4) In this section "the fixed period" has the same meaning as in section 66.

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Northern Irish Legislation

LOCAL GOVERNMENT ACT (NORTHERN IRELAND) 1972 - SECT 68