The Secretary of State may make grants to any F2police and crime commissioner in respect of expenditure incurred (or to be incurred) by F3the commissioner at any time before the beginning of its first precepting year.

Without prejudice to any other powers to borrow, a F4police and crime commissioner may borrow by way of temporary loan or overdraft from a bank or otherwise any sums which F5the commissioner may require for the purpose of meeting F6the commissioner's expenditure before the beginning of F6the commissioner's first precepting year.

The sums borrowed by F7a commissioner under this section shall not exceed such amount as the Secretary of State may determine, and shall be repaid before the end of F8the commissioner's first precepting year.

For the purposes of this section the “first precepting year” of F9a police and crime commissioner is the financial year in which revenue is first received by F10the commissioner as a result of a precept issued by F10the commissioner under Part I of the M1Local Government Finance Act 1992.