The Milford Haven Port Authority Harbour Revision Order 2000

Borrowing powers

3.—(1) For section 38 of the 1983 Act there shall be substituted—

“38.    Borrowing powers.

(1) The Authority may borrow such sums of money as they think necessary on the security of all or any of the revenues and property of the Authority or on an unsecured basis and by any method or methods they see fit.

(2) The amount outstanding in respect of monies borrowed under this section shall not at any one time exceed—

(a) £50,000,000; or

(b) (with the consent of the Secretary of State) such greater sum as the Authority may require.

(3) In calculating for the purpose of this section the amount outstanding in respect of monies borrowed by the Authority there shall be excluded any sums borrowed for the purpose of repaying within twelve months of the date of receipt any sum for the time being outstanding by way of principal on any amount previously borrowed.

(4) Subject to section 43 (Power to invest) of this Act, monies borrowed by the Authority under this section shall be applied only—

(a) to purposes to which capital money is properly applicable; or

(b) to meeting liabilities or penalties incurred by the Authority as a result of any order or sentence of the court in any proceedings; or

(c) to such other purposes as the Secretary of State may approve.

(5) For the purposes of subsection (4)(a) above, but without prejudice to the generality thereof, purposes to which capital money is properly applicable shall be deemed to include:—

(a) the payment of any interest falling due within the five years immediately following the date of the borrowing of any sum of money borrowed by the Authority under this section; and

(b) the payment of the expenses of the creation and issue by the Authority of any stock or any other security; and

(c) the repayment within twelve months of the date of borrowing of any sum for the time being outstanding by way of principal on any amount previously borrowed; and

(d) the purchase of any of the Authority’s stock; and

(e) the payment or repayment of any monies for any purpose previously sanctioned by the Secretary of State.

(6) The provisions of Schedule 4 to this Act shall have effect with respect to any stock created under this section.

(7) In this section, references to borrowing include the raising of money by any method.”

(2) Section 39 (Temporary loans) of the 1983 Act is amended by the addition, at the end of subsection (2) of the following subsection—

“(3) In subsection (1) above, references to borrowing include the raising of money by any method.”