Transport Act, 1985

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Number 15 of 1985

TRANSPORT ACT, 1985

ARRANGEMENT OF SECTIONS

Number 15 of 1985

TRANSPORT ACT, 1985

AN ACT TO MAKE FURTHER PROVISION IN RELATION TO TRANSPORT. [16th July, 1985]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

Definitions.

1.—In this Act—

“the Act of 1983” means the Transport Act, 1983 ;

“the Board” has the same meaning as in the Transport Act, 1950 ;

“the Minister” means the Minister for Communications.

Borrowing by Board to repay certain temporary borrowings.

2.—(1) The Board may borrow £30,000,000, by way of a loan repayable over a period of 10 years, for the purpose of repaying money temporarily borrowed pursuant to section 28 (as amended) of the Transport Act, 1950 .

(2) The Board shall not borrow money under this section except with the prior consent of the Minister given with the approval of the Minister for Finance.

(3) The Minister shall, out of moneys provided by the Oireachtas, make to the Board in the year beginning on the 1st day of January, 1985, and in each of the following nine years, an annual non-repayable grant of £3,000,000 to enable the Board to repay the principal of the loan provided for in subsection (1) of this section.

Borrowing by Board for capital purposes.

3.—The following is substituted for section 5 (2) of the Transport Act, 1964 (inserted by the Act of 1983):

“(2) The aggregate at any one time of borrowings under this section which have not been repaid shall not exceed £250,000,000.”.

Guarantees in respect of certain moneys payable by Board.

4.—The following is substituted for section 2 (2) of the State Guarantees (Transport) Act, 1962 (inserted by the Act of 1983):

“(2) The Minister shall not so exercise the powers conferred by subsection (1) of this section or by section 4 (1) of the Transport Act, 1974 , that the amount, or the aggregate amount, of principal which he may at any one time be liable to pay pursuant to a guarantee or guarantees under this section or section 4 of the Transport Act, 1974 (or under both those sections), and for the time being in force, together with the amount of principal (if any) which he has previously paid pursuant to any such guarantees and which has not been repaid, exceeds £250,000,000.”.

Expenses.

5.—The expenses incurred by the Minister in the administration of this Act shall, to such extent as may be sanctioned by the Minister for Finance, be paid out of moneys provided by the Oireachtas.

Short title.

6.—This Act may be cited as the Transport Act, 1985.