Transport Act, 1985

Borrowing by Board to repay certain temporary borrowings.

2.—(1) The Board may borrow £30,000,000, by way of a loan repayable over a period of 10 years, for the purpose of repaying money temporarily borrowed pursuant to section 28 (as amended) of the Transport Act, 1950 .

(2) The Board shall not borrow money under this section except with the prior consent of the Minister given with the approval of the Minister for Finance.

(3) The Minister shall, out of moneys provided by the Oireachtas, make to the Board in the year beginning on the 1st day of January, 1985, and in each of the following nine years, an annual non-repayable grant of £3,000,000 to enable the Board to repay the principal of the loan provided for in subsection (1) of this section.