Urban Renewal Act, 1986

Advances to Authority.

16.—(1) For the purpose of enabling the Authority to perform its functions, the Minister for Finance may, on the recommendation of the Minister, advance from time to time to the Authority out of the Central Fund or the growing produce thereof such sums as the Authority may from time to time request.

(2) Advances under this section shall be made on such terms as to repayment, interest and other matters as may be determined by the Minister for Finance.

(3) The aggregate at any one time of sums advanced under this section and which have not been repaid shall not exceed £5,000,000.

(4) All sums paid by the Authority in repayment of an advance under this section or in pursuance of any term or condition subject to which such an advance was made, shall be paid into or disposed of for the benefit of the Exchequer.

(5) The Minister for Finance may, for the purpose of providing for advances out of the Central Fund under this section, borrow on the security of the Central Fund or the growing produce thereof any sums required for the purpose and, for the purpose of such borrowing, he may create and issue securities bearing interest at such rate and subject to such conditions as to repayment, redemption or any other matter as he thinks fit, and shall pay all moneys so borrowed into the Exchequer.

(6) The principal of and interest on all securities issued under this section and the expenses incurred in connection with the issue of the securities shall be charged on and payable out of the Central Fund or the growing produce thereof.