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The Local Loans (Procedure) Regulations 1968

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Payment of loans

3.—(1) The Secretary to the Commissioners shall from time to time certify to the Treasury the amount required for the purpose of local loans to be made by the Commissioners and the date on which such loans are to be made.

(2) There shall be established a Public Works Loans (Advances) Account at the Bank of England under the control of the Commissioners, and, on receipt of a certificate given under paragraph (1) of this Regulation, the Treasury shall, on or before the day on which the loans are due to be made, issue from the National Loans Fund to the Public Works Loans (Advances) Account the sum specified in that certificate.

(3) The Secretary to the Commissioners shall sign order to the Cashiers of the Bank of England for payment out of the Public Works Loans (Advances) Account to the agents specified therein of the amount of the loans which the agents are authorised to receive. No order shall be delivered by the Secretary to the agent named therein unless that agent has paid the amount of the fees and disbursements payable in respect of the loan or loans to which the order relates.

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