Local Loans Fund Act, 1935
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Borrowing on behalf of and advances to the fund. |
5.—(1) For the purpose of making issues of money from the fund in respect of local loans the Minister may, as and when he thinks proper, borrow money on behalf of the fund and may, for the purpose of such borrowing, create and issue on behalf of the fund securities bearing interest at such rates and subject to such conditions as to repayment, redemption, or otherwise as he may determine, and the Minister may consolidate an issue of such securities with all or any similar issues or issue previously made. | |
(2) For the purpose of making issues of money from the fund in respect of local loans, the Minister may, as and when he thinks proper, make advances to the fund out of the Central Fund or the growing produce thereof, and for the purpose of making such advances the Minister may borrow money by means of the issue of such securities as he thinks proper. | ||
(3) All moneys borrowed under the next preceding sub-section of this section shall be paid into the Exchequer, and the principal of and interest on all securities issued under that sub-section for the purpose of such borrowing shall be charged on and payable out of the Central Fund or the growing produce thereof. | ||
(4) Advances may be made to the fund out of any Government fund or Government money as defined by section 1 of the Approved Investments Act, 1933 (No. 34 of 1933), and for the purpose of making any such advance all or any investments forming part of or representing such Government fund or Government money may be sold or otherwise converted into money. | ||
(5) All advances made to the fund under this section shall bear interest at such rates and be subject to such conditions as to repayment, redemption, or otherwise as the Minister shall determine, but, in the case of an advance from a Government fund or Government money over the investment of which any other Minister has control, such determination shall be made only after consultation and agreement with such other Minister. | ||
(6) The principal of and interest on all moneys borrowed under this section on behalf of the fund and the principal of and interest on all securities created and issued under this section for the purpose of such borrowing and all advances made to the fund under this section shall be charged on and repaid or paid out of the fund, and if and so far as the fund is insufficient for that purpose, a sum sufficient to make good the deficiency shall be advanced to the fund out of the Central Fund or the growing produce thereof. | ||
(7) All moneys advanced to the fund out of the Central Fund or the growing produce thereof in pursuance of the next preceding sub-section of this section shall be repaid to the Central Fund out of the fund, and if and so far as such moneys are not so repaid they shall be repaid out of moneys provided by the Oireachtas. |