(1)Transport for London may give financial assistance to any body or person in respect of expenditure incurred or to be incurred by that body or person in doing anything which in the opinion of Transport for London is conducive to the provision of safe, integrated, efficient and economic transport facilities or services to, from or within Greater London.
(2)Financial assistance may be given under this section by way of grant, loan or other payment.
(3)The financial assistance that may be given to any London authority under this section includes in particular assistance in respect of any expenditure incurred or to be incurred by the authority in discharging any function of a highway authority or traffic authority.
(4)In deciding whether to give financial assistance to a London authority under this section, and if so the amount or nature of any such assistance, the matters to which Transport for London may have regard include—
(a)any financial assistance or financial authorisation previously given to the authority by any body or person, and
(b)the use made by the authority of such assistance or authorisation.
(5)In subsection (4) above, financial authorisation means authorisation allowing the authority to incur financial obligations.
(6)Financial assistance under this section may be given subject to such conditions as Transport for London considers appropriate, including (in the case of a grant) conditions for repayment in whole or in part in specified circumstances.
(7)In this section—
highway authority has the same meaning as in the M1Highways Act 1980 (see in particular sections 1 to 9 of that Act);
London authority means any London borough council or the Common Council; and
traffic authority has the same meaning as in the M2Road Traffic Regulation Act 1984 (see sections 121A and 142(1) of that Act).
(8)In section 88(2) of the M3Local Government Finance Act 1988 (list of defined councils to which transport grants are payable by the Secretary of State under section 87 of that Act)—
(a)at the end of paragraph (aa) there shall be inserted “ and ”; and
(b)paragraphs (c) and (d) (which include in the list of defined councils the London borough councils and the Common Council) shall cease to have effect.
(9)This section is without prejudice to any other power of Transport for London.
(1)Transport for London may guarantee to discharge any financial obligation of—
(a)a subsidiary of Transport for London;
(b)any person (other than such a subsidiary) with whom Transport for London has entered into an agreement by virtue of section 156(2) or (3) above, where the guarantee is given for the purpose of enabling that person to carry out the agreement; or
(c)any person (other than such a subsidiary) with whom such a subsidiary has entered into a transport subsidiary’s agreement, where the guarantee is given for the purpose of enabling that person to carry out the agreement.
(2)Transport for London may, for the purposes of discharging any of its functions, guarantee to discharge any financial obligation incurred or to be incurred by any person for the purposes of—
(a)an undertaking carried on by him; or
(b)where the person is a body corporate, an undertaking carried on by a subsidiary of that body corporate.
(3)A guarantee under this section may be subject to such conditions as Transport for London considers appropriate.
(4)Transport for London may enter into arrangements with another person under which that person gives a guarantee which Transport for London has power to give under this section.
(5)Where Transport for London enters into arrangements by virtue of subsection (4) above, the arrangements may provide for Transport for London to indemnify the person who gives the guarantee.
(6)This section is without prejudice to any other power of Transport for London.