Part IIThe Northern Ireland Policing Board
9Grants to, and borrowing by, the Board
1
The Secretary of State shall for each financial year make to the Board a grant for police purposes.
2
A grant under this section—
a
shall be of such amount;
b
shall be paid at such time, or in instalments of such amounts and at such times; and
c
shall be made on such conditions,
as the Secretary of State may determine.
3
A time determined under subsection (2)(b) may fall within or after the financial year concerned.
4
Subject to subsections (5), (6) and (8), the Board may borrow, by way of temporary loan or overdraft from a bank or otherwise, any sum which it may temporarily require for the purpose of defraying expenses pending the receipt of moneys receivable by the Board.
5
The total amount owing of money borrowed under subsection (4) shall not at any time exceed such sum as the Secretary of State may specify to the Board in writing.
6
Any sum borrowed under subsection (4) shall be repaid before the end of the financial year in which it is borrowed.
7
Subject to subsection (8), the Board may, with the consent of the Secretary of State, borrow or raise money on such terms and subject to such conditions as the Secretary of State may approve upon the security of any property or assets of the Board for all or any of the following purposes—
a
meeting expenses incurred in connection with any permanent work the cost of which is properly chargeable to capital;
b
redeeming any loan previously borrowed or raised under this section; or
c
any other purpose for which capital moneys may properly be applied.
8
The Board may not borrow or raise money under this section for any purposes other than police purposes.