The Neath Harbour Revision (Constitution) Order 2009

Borrowing powers

14.—(1) Subject to paragraph (2), the Authority may from time to time borrow, upon the security of its assets for the time being or of its revenues or both, by any methods it sees fit—

(a) such sums of money as it considers necessary not exceeding five million pounds (or that sum as adjusted in accordance with article 16); and

(b) with the consent of the Secretary of State, such further sums of money as it may require.

(2) In calculating the aggregate sums of money borrowed by the Authority under paragraph (1), there shall be excluded any sums borrowed for the purpose of repaying, within twelve months of the date of borrowing, any sum for the time being outstanding by way of principal on any amount previously borrowed.

(3) Monies borrowed by the Authority under this article may only be applied to purposes to which capital money is properly applicable.

(4) For the purposes of paragraph (3), but without prejudice to the generality of that paragraph, purposes to which capital money is properly applicable include—

(a) the payment of any interest, falling due within five years immediately following the date of borrowing, on any sum borrowed by the Authority under this article; and

(b) the repayment, within twelve months of borrowing, of any sum for the time being outstanding by way of principal on any amount previously borrowed.