Local Government (Scotland) Act 1894

28 Borrowing for this Part of Act

(1) A parish council, acting under this Part of this Act, may, for any of the following purposes, that is to say—

(a) for purchasing any land, or erecting any buildings, Which they are authorised to purchase or erect; and

(b) for any permanent work or other thing which they are authorised to execute or do, and the cost of which ought, in the opinion of the Board, to be spread over a term of years;

borrow money, with the consent of the Board.

(2) In parishes where powers and duties under this Part of this Act are exercised and performed by a landward committee, it shall be the duty of the parish council to transmit to the Board any recommendation of the landward committee for the raising of a loan in terms of this section ; and, provided the necessary consent be given, to raise the loan accordingly.

(3) Any loan under this Part of this Act shall be made on the security of the special parish rate.

(4) A county council may lend to a parish council any money which the parish council are authorised to borrow under this Part of this Act, and may, if necessary, raise the money by loan.

(5) A loan raised by a parish council under this section shall be repaid—

(a) if for the purchase of land or the erection of buildings, within such period not exceeding forty years; and

(b) if for any other purpose, within such period not exceeding thirty years

as the Board may determine in each case.

(6) A parish council shall pay off every loan under this section, either by equal yearly or half-yearly instalments of principal, or of principal and interest combined, or by means of a sinking fund set apart, invested, and applied in accordance with regulations which may from time to time be made, in that behalf, by the Secretary for Scotland.