Norfolk and Suffolk Broads Act 1988

16 Borrowing powers of Authority

(1) The Authority may borrow temporarily, by way of overdraft or otherwise, such sums as it may require—

(a) for the purpose of defraying expenses properly chargeable to revenue, pending the receipt by it of revenues which arise in respect of the period of account to which the expenses are chargeable and which are taken into account in its estimates for that period; or

(b) for the purpose of defraying, pending the raising of money under subsection (2) below, expenses intended to be defrayed by means of that money.

(2) The Authority may borrow money, otherwise than by way of a temporary loan—

(a) for any purpose or class of purpose approved for the purposes of this subsection by the Secretary of State; and

(b) in accordance with any conditions subject to which that approval is given.

(3) Where the Authority borrows under subsection (2) above, it may raise the sum borrowed—

(a) by mortgage;

(b) by an agreement entered into with the Public Works Loan Commissioners under section 2 of the [1965 c. 63.] Public Works Loans Act 1965; or

(c) by any other means approved by the Secretary of State with the consent of the Treasury.

(4) Where the Authority borrows money under subsection (1)(b) above and subsequently raises under subsection (2) above the loan in respect of which the temporary borrowing was made, the loan shall, to the extent of the sum borrowed temporarily, be treated for the purposes of the provisions applied by subsection (5) below as having been borrowed at the time of the temporary borrowing.

(5) The following provisions of Schedule 13 to the [1972 c. 70.] Local Government Act 1972 shall, with the necessary modifications, apply in relation to borrowing by the Authority under subsection (2) above as they apply in relation to borrowing by local authorities—

(a) paragraph 4 (power of Secretary of State to make regulations governing forms of security etc.);

(b) paragraph 7 (accounting);

(c) paragraph 11 (priority as between loans);

(d) paragraph 12 (joint borrowing);

(e) paragraph 16 (creation of funds); and

(f) paragraph 20 (lender not required to enquire into legality of loan).