Dún Laoghaire Harbour Act, 1994

Functions of Board and related powers of Minister and Minister for Finance.

5.—(1) It shall be the duty of the Board, where the Minister gives to it a direction in that behalf under section 4 , to secure, from such source or sources as it thinks appropriate, the payment to it of an amount of moneys equal to the amount of moneys that the Minister specifies in the direction to be necessary to defray such expenses incurred or to be incurred by the Minister in carrying out, or procuring the carrying out of, development in Dún Laoghaire Harbour as are so specified.

(2) (a) For the purpose of carrying out its duty under subsection (1), the Board, with the consent of the Minister given with the concurrence of the Minister for Finance, may borrow moneys (including moneys in a currency other than the currency of the State) from persons other than the Minister for Finance.

(b) The aggregate at any one time of borrowings under paragraph (a) shall not exceed £20 million.

(c) For the purposes of this subsection, moneys borrowed in a currency other than the currency of the State shall be deemed to be the equivalent in the currency of the State of the actual moneys borrowed, such equivalent being calculated at the rate of exchange prevailing at the time of the borrowing for that currency and the currency of the State.

(3) For the purposes of enabling the Board to carry out its duty under subsection (1), or to repay the principal of moneys borrowed by it under subsection (2) (a) or to pay interest on such borrowings or any commission and incidental expenses arising in connection with such borrowings—

(a) the Minister for Finance may make loans to the Board the aggregate amount of which standing unrepaid at any one time shall not exceed £20 million,

(b) the Minister may—

(i) by order provide that, to the extent specified in the order, sums that are payable in respect of tolls, rates, dues and other charges by virtue of the exercise by the Minister of the powers mentioned in section 8 of the Principal Act shall be appropriated to, and become part of, the fund,

(ii) with the consent of the Minister for Finance, make non-repayable grants to the Board.

(4) A loan under subsection (3) (a) shall be subject to such terms and conditions (including terms and conditions relating to the payment of interest on the loan and the repayment of the loan) as the Minister for Finance may determine.

(5) Where moneys lent to the Board under subsection (3) (a) have not been repaid in accordance with the terms and conditions determined under subsection (4), the amounts so remaining outstanding shall be repaid to the Central Fund out of moneys provided by the Oireachtas.

(6) Notwithstanding the provision of moneys under subsection (5) to repay an amount to the Central Fund, the Board shall remain liable to the Minister for Finance in respect of that amount and that amount (together with interest thereon at such rate or rates as the Minister for Finance appoints) shall be repaid to the Minister for Finance by the Board at such times and in such instalments as the Minister for Finance appoints and, in default of repayment as aforesaid and without prejudice to any other method of recovery, shall be recoverable by the Minister for Finance from the Board as a simple contract debt in any court of competent jurisdiction.

(7) The Minister may by order amend or revoke an order under this section (including an order under this subsection).