Private Streets (Northern Ireland) Order 1980

Interest on sums paid under Article 24(1) N.I.

31.—(1) Subject to paragraph (2), any sum paid to the Department under Article 24(1) shall, in so far as it continues to be held by the Department, carry simple interest at the appropriate rate from the date of payment until such time as the sum or a part thereof remaining so held—

(a) falls to be set off under Article 29 against the liability of the responsible person in respect of the carrying out of street works; or

(b) falls to be refunded in full under the provisions of this Order;

and the interest shall be held by the Department until that time and dealt with under those provisions as if it formed part of the said sum.

(2) Paragraph (1) shall not apply to any sum in so far as it is repaid under an agreement entered into under Article 32.

(3) In this Article “the appropriate rate” means such rate as is determined by the Department of Finance under section 5 of the Public Health and Local Government (Miscellaneous Provisions) Act (Northern Ireland) 1962 [1962 c.12] for the purposes of expenses to which subsection (1)( b) of that section applies; and for the purposes of this Article interest on any sum held by the Department shall be calculated in respect of each financial year during which it accrues at the appropriate rate prevailing at the commencement of that financial year.