Dún Laoghaire Harbour Act, 1994

Dún Laoghaire Harbour Development Fund.

6.—(1) The Board shall, as soon as may be after the passing of this Act, establish, maintain and manage in accordance with the provisions of this Act, a fund which shall be known as the Dún Laoghaire Harbour Development Fund and is in this Act referred to as “the fund”.

(2) The fund shall consist of such accounts as the Minister may, after consultation with the Minister for Finance, determine.

(3) The Board shall pay into the fund all moneys received by it in carrying out its duty under section 5 (including moneys received by it under paragraph (a) or (b) of subsection (3) of that section).

(4) The Board shall pay out of the fund, where the Minister gives to it a direction in that behalf under section 4 , whichever of the following the direction relates to, namely—

(a) the amount of moneys that the Minister specifies in the direction to be necessary to defray such expenses incurred by the Minister in carrying out, or procuring the carrying out of, development in Dún Laoghaire Harbour as are so specified,

(b) the amount of moneys that the Minister specifies in the direction to be necessary—

(i) to repay such principal of any moneys borrowed by the Board under subsection (2) of section 5 or lent to the Board by the Minister for Finance under subsection (3) (a) of that section, or

(ii) to pay such interest on any borrowings or loan as aforesaid (including such interest thereon as the Minister for Finance may appoint under section 5 (6) or section 7 (7)) or such commission and incidental expenses arising in connection with any borrowings as aforesaid,

as is or are so specified,

(c) the amount of moneys that the Minister specifies in the direction to be necessary to defray such other liabilities of the Board as are so specified,

(d) the amount of moneys that the Minister specifies in the direction to be necessary to defray such expenses incurred by the members of the Board as are so specified.

(5) Moneys required to be paid out of the fund under subsection (4) shall be so paid out to the person or persons specified in that behalf in the relevant direction of the Minister (including, in the case of expenses of members of the Board, to such members as are so specified).

(6) Any moneys paid out of the fund under and in accordance with this section by the Board to a person on account of any liability (whether arising by virtue of an agreement or otherwise) of the Minister to that person shall be a good and sufficient discharge of such liability of the Minister to that person.

(7) (a) If the Minister is of opinion, after consultation with the Minister for Finance, that any moneys in the fund are for the time being not immediately required for the making of payments under subsection (4), he or she may authorise the Board to invest those moneys in securities in which trustees are for the time being authorised by law to invest trust funds and the Board may invest those moneys accordingly.

(b) The Board may from time to time at its discretion and shall, where requested by the Minister to do so, vary or sell any investments authorised under this subsection or, as the case may be, such of those investments and in such manner as the Minister specifies in the request.

(c) All dividends and interest received by the Board on investments made by it under this subsection and the proceeds of the sale of any such investments shall be paid into the fund.

(8) As soon as may be after the end of each financial year of the Board, the Board shall submit the accounts of the fund to the Comptroller and Auditor General for audit and the Minister shall cause a copy of an abstract of the accounts as so audited together with a copy of the report of the Comptroller and Auditor General thereon to be laid before each House of the Oireachtas.