Transport Act 2000

Terms of government loans E+W+S

9 (1) The approval of the Treasury is needed for the making of any loan to the Authority by the Secretary of State. E+W+S

(2) Any loan made to the Authority by the Secretary of State shall be repaid to the Secretary of State at such times and by such methods, and interest on the loan shall be paid to him at such rates and at such times, as he may with the approval of the Treasury from time to time determine.

(3) If in any financial year the Secretary of State makes a loan to the Authority, he shall—

(a) prepare an account, and

(b) send that account to the Comptroller and Auditor General before the end of September in the following financial year.

(4) The account shall show—

(a) the amount outstanding at the end of the previous financial year in respect of the principal of sums lent by the Secretary of State to the Authority,

(b) the amount of the sums lent by the Secretary of State to the Authority in the current financial year,

(c) the amount of any loan repayments made to the Secretary of State by the Authority in that financial year, and

(d) the amount outstanding at the end of that financial year in respect of the principal of sums lent by the Secretary of State to the Authority;

and the form of the account and the manner of preparing it shall be such as the Treasury may direct.

(5) The Comptroller and Auditor General shall examine, certify and report on each account sent to him under this paragraph and shall lay copies of it and of his report before each House of Parliament.