Local Loans Fund (Amendment) Act, 1961

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Number 45 of 1961.

LOCAL LOANS FUND (AMENDMENT) ACT, 1961.

ARRANGEMENT OF SECTIONS

Number 45 of 1961.

LOCAL LOANS FUND (AMENDMENT) ACT, 1961.

AN ACT TO AMEND THE LOCAL LOANS FUND ACTS, 1935 TO 1957. [20th December, 1961.]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:—

Definitions.

1.—In this Act—

“the fund” means the local loans fund;

“the Minister” means the Minister for Finance.

Increase of limit on issues from the local loans fund.

2.— Section 1 of the Local Loans Fund (Amendment) Act, 1957 , is hereby repealed and in lieu thereof it is hereby enacted that the aggregate amount of the moneys issued from the fund in respect of local loans during the period mentioned in subsection (3) of section 4 of the Local Loans Fund Act, 1935 , shall not exceed the sum of one hundred and seventy million pounds.

Security for local loans.

3.—(1) Upon the issue of a local loan (or the first instalment thereof) from the fund to a local authority, pursuant to an undertaking in writing of the Minister, the Commissioners of Public Works in Ireland, or any other person acting on the direction or with the authority of the Minister (in this section referred to as the lender) to make, upon the terms and subject to the conditions specified in the undertaking, a local loan of an amount specified in the undertaking to the local authority upon the security of the revenues or funds of the local authority specified in the undertaking, the local authority shall be deemed to have given a mortgage by deed to the lender—

(a) containing a covenant to repay to the lender the loan (or the instalments thereof which have been issued from the fund) at the place, time and in the manner specified in the undertaking, to pay the interest payable thereon at the rate provided for and at the place, time and in the manner specified in the undertaking and to observe any other terms and conditions specified therein, and

(b) assigning or conveying the revenues or funds of the local authority specified in the undertaking to the lender to hold unto the lender until the repayment of the loan (or the instalments thereof which have been issued from the fund) and the payment of the interest payable thereon.

(2) A certificate purporting to be executed by the lender stating that—

(a) on a date specified in the certificate a local loan or portion of a local loan was issued from the fund to a local authority by the lender, and

(b) on a date specified in the certificate a sum specified in the certificate is owed by the local authority to the lender in respect of the loan or the portion or in respect of the interest payable on the loan or the portion (including any interest payable pursuant to section 15 of the Local Loans Fund Act, 1935) or in respect of both such loan or portion and such interest, or

(c) the loan or portion has been repaid to the lender and the interest payable on the loan or portion has been paid to the lender,

shall be evidence until the contrary is proved of the facts stated in the certificate.

(3) In this section “local authority” has the meaning assigned to it by virtue of the Local Government Act, 1941 , but includes a vocational education committee within the meaning of the Vocational Education Act, 1930 .

Short title and collective citation.

4.—(1) This Act may be cited as the Local Loans Fund (Amendment) Act, 1961.

(2) The Local Loans Fund Acts, 1935 to 1957, and this Act may be cited together as the Local Loans Fund Acts, 1935 to 1961.