Transport Act 2000

10 (1) The Secretary of State may, with the approval of the Treasury, guarantee, in such manner and on such conditions as he may consider appropriate—

(a) the repayment of the principal of,

(b) the payment of interest on, and

(c) the discharge of any other financial obligation in connection with,

any sum which the Authority borrows from any person other than the Secretary of State.

(2) Where the Secretary of State gives a guarantee under this paragraph he shall, as soon after giving it as is reasonably practicable, lay a statement of the guarantee before each House of Parliament.

(3) Where any sum is paid out for fulfilling a guarantee under this paragraph, the Secretary of State shall, as soon as reasonably practicable after the end of each financial year—

(a) beginning with that in which the sum is paid out, and

(b) ending with that in which all liability in respect of the principal of the sum and in respect of interest on it is finally discharged,

lay before each House of Parliament a statement relating to that sum.

(4) Where any sums are paid out for fulfilling a guarantee under this paragraph, the Authority shall make to the Secretary of State, at such times and in such manner as he may from time to time direct—

(a) payments of such amounts as he may so direct in or towards repayment of the sums so paid out, and

(b) payments of interest, at such rate as he may so direct, on what is outstanding for the time being in respect of sums so paid out.

(5) The approval of the Treasury shall be required for the giving of a direction under sub-paragraph (4).