9(1)The Secretary of State may guarantee—E+W+S
(a)the repayment of the principal of any sum borrowed by the Police Authority;
(b)the payment of interest on such a sum; and
(c)the discharge of any other financial obligation of the Police Authority in connection with the borrowing of such a sum.
(2)The Secretary of State may give a guarantee under this paragraph in such manner, and on such terms, as he thinks fit.
(3)As soon as practicable after giving a guarantee under this paragraph, the Secretary of State must lay a statement of the guarantee before Parliament.
(4)If sums are paid out by the Secretary of State under a guarantee given under this paragraph, the Police Authority must pay him—
(a)such amounts in or towards the repayment to him of those sums as he may direct; and
(b)interest, at such rates as he may direct, on amounts outstanding under this sub-paragraph.
(5)Payments to the Secretary of State under sub-paragraph (4) must be made at such times, and in such manner, as he may from time to time direct.
(6)Where a sum has been paid out by the Secretary of State under a guarantee given under this paragraph, he must lay a statement relating to that sum before Parliament—
(a)as soon as practicable after the end of the financial year in which that sum is paid out; and
(b)as soon as practicable after the end of each subsequent relevant financial year.
(7)In relation to a sum paid out under a guarantee, a financial year is a relevant financial year for the purposes of sub-paragraph (6) unless—
(a)before the beginning of that year, the whole of that sum has been repaid to the Secretary of State under sub-paragraph (4); and
(b)the Police Authority is not at any time during that year subject to a liability to pay interest on amounts that became due under that sub-paragraph in respect of that sum.
(8)The consent of the Treasury is required—
(a)for the giving of a guarantee under this paragraph; and
(b)for the giving of a direction under sub-paragraph (4) or (5).
Commencement Information
I1Sch. 10 para. 9 in force at 1.4.2005 by S.I. 2005/877, art. 2(1), Sch. 1