SCHEDULE 10The Civil Nuclear Police Authority
Part 4Finances
Guarantees for borrowing by the Police Authority
9
(1)
The Secretary of State may guarantee—
(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).