Search Legislation

Dartford-Thurrock Crossing Act 1988

Status:

This is the original version (as it was originally enacted).

3(1)For the purposes of paragraph 2 above, the funding requirement with respect to relevant financial commitments is to be taken as met by any date if the aggregate amount of all relevant revenue received by the person appointed before that date, less the aggregate amount of the costs mentioned in sub-paragraph (2) below, is equal to or greater than the amount which would be required to meet, on that date, all relevant financial commitments, less the aggregate amount of any permitted payments in respect of relevant financial commitments made or due before that date.

(2)The costs referred to in sub-paragraph (1) above are—

(a)any expenditure incurred before that date by the person appointed for the purposes of or in connection with the exercise of any relevant functions, other than payments in respect of relevant financial commitments;

(b)any liabilities so incurred (other than relevant financial commitments) which fall to be met but have not in fact been met before that date;

(c)permitted payments in respect of relevant financial commitments made or due before that date; and

(d)such provision as it appears to the Secretary of State appropriate to make for meeting—

(i)any liabilities so incurred (other than relevant financial commitments) which fall to be met on or after that date;

(ii)liabilities that may arise on or after that date in respect of anything done before that date for the purposes of or in connection with the exercise of any relevant functions; and

(iii)costs arising as a result of or in connection with tolls ceasing to be leviable.

(3)In this paragraph—

(a)“relevant revenue” means—

(i)tolls collected in pursuance of this Act; and

(ii)such other revenue received by the person appointed as falls in accordance with the contract to be treated for the purposes of this paragraph as relevant revenue;

(b)“relevant financial commitments” means such financial commitments incurred by the person appointed for the purposes of or in connection with the exercise of any relevant functions as fall in accordance with the contract to be treated for the purposes of this paragraph as relevant financial commitments;

(c)“financial commitments” means obligations in respect of—

(i)the repayment of the principal of loans;

(ii)the redemption of loan stock; and

(iii)the payment of interest on loans or in respect of loan stock, or the making of a payment of any other description in connection with any loan; and

(d)“the contract” means the contract under which the person appointed to levy tolls was appointed.

(4)References in this paragraph to permitted payments in respect of relevant financial commitments are references to such payments in respect of those commitments as are required or permitted in accordance with the contract to be met from relevant revenue before the end of the period during which the person appointed may levy tolls.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources