The Secretary of State may make grants to any F4police and crime commissioner in respect of expenditure incurred (or to be incurred) by F6the commissioner at any time before the beginning of its first precepting year.

Without prejudice to any other powers to borrow, a F10police and crime commissioner may borrow by way of temporary loan or overdraft from a bank or otherwise any sums which F1the commissioner may require for the purpose of meeting F2the commissioner's expenditure before the beginning of F2the commissioner's first precepting year.

The sums borrowed by F8a commissioner under this section shall not exceed such amount as the Secretary of State may determine, and shall be repaid before the end of F7the commissioner's first precepting year.

For the purposes of this section the “first precepting year” of F5a police and crime commissioner is the financial year in which revenue is first received by F9the commissioner as a result of a precept issued by F9the commissioner under Part I of the M1Local Government Finance Act 1992.