Energy Act 2004

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

I1 Sch. 10 para. 9 in force at 1.4.2005 by S.I. 2005/877, art. 2(1), Sch. 1