Telephone Capital Act, 1963

Minister for Finance may borrow for the purposes of this Act.

2.—(1) For the purposes of providing money for the sums by this Act authorised to be issued out of the Central Fund or of providing money for the repayment to the Central Fund of all or any sums issued thereout under the authority of this Act, the Minister for Finance may create and issue—

(a) terminable annuities extending over such period as, after consultation with the Minister for Posts and Telegraphs, he thinks fit,

(b) any other securities bearing such rate of interest and subject to such conditions as to repayment, redemption or otherwise as he thinks fit.

(2) All moneys borrowed under this section shall be paid into the Exchequer.

(3) The principal and interest of any securities issued under paragraph (b) of subsection (1) of this section and the expenses in connection with the issue of such securities shall be charged on the Central Fund or the growing produce thereof.

(4) There shall be made out of moneys provided by the Oireachtas:

(a) payments in respect of terminable annuities created under this section,

(b) repayments to the Central Fund of amounts paid thereout in respect of principal, interest or expenses charged under subsection (3) of this section.