Public Works Loans Act 1965
An Act to make further provision with respect to loans out of the Local Loans Fund; and for connected purposes.
1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1
2 New form of local loan and automatic charge for securing it.
(1)
The F2Treasury may, without first taking security under section 12 of the M1Public Works Loans Act 1875, enter into an agreement for F3making a local loan to a relevant authority under section 3 of the National Loans Act 1968; and in this section “relevant authority” means—
(a)
in relation to England and Wales,
F4(i)
a billing authority or a precepting authority, as defined in section 69 of the Local Government Finance Act 1992;
F5(ia)
a fire and rescue authority in Wales constituted by a scheme under section 2 of the Fire and Rescue Services Act 2004 or a scheme to which section 4 of that Act applies;
(ii)
(iv)
a functional body, within the meaning of the Greater London Authority Act 1999 F11...
F11(v)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F12(b)
in Scotland—
(i)
any local authority within the meaning of the M2 Local Government (Scotland) Act 1973,
(ii)
any joint board or joint committee within the meaning of that Act, and
(iii)
any other authority having the power to requisition any sum from any such local authority.
(2)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F13
(3)
Where the F14Treasury make an agreement to which this section applies with a relevant authority other than one authorised to borrow money under F15F16section 1 of F17or paragraph 2 of Schedule 1 to, the Local Government Act 2003 (borrowing powers) or F18Schedule 3 to the M3Local Government (Scotland) Act 1975 then, so long as any part of the principal of and interest on the loan remains outstanding, the loan shall be a charge on all the revenues of the authority (including any grants or contributions from the Exchequer which are receivable by the authority).
(4)
A charge imposed on an authority’s revenues by the last foregoing subsection shall, subject to any provision to the contrary applicable to the charge which has been made by or under any enactment, rank equally with any other charges on those revenues.
(5)
The enactments specified in the Schedule to this Act shall have effect subject to the adaptations and modifications set out in that Schedule, being adaptations and modifications consequential on the foregoing provisions of this section; and in that Schedule “automatic charge” means a charge imposed, for securing a loan made in pursuance of an agreement to which this section applies, by F19F20section 13 of the Local Government Act 2003 (security for money borrowed) by F21paragraph 8 of Schedule 3 to the said Act of 1975 or by subsection (3) of this section.
3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F22
4 Short title, interpretation, extent and commencement.
(1)
This Act may be cited as the Public Works Loans Act 1965.
(2)
In this Act, except where the context otherwise requires, references to any enactment shall be construed as references to that enactment as amended, extended or applied by or under any other enactment, including this Act.
(3)
This Act shall not extend to Northern Ireland.
(4)
This Act, except section 1, shall come into operation on the expiration of the period of three months beginning with the passing thereof.
SCHEDULE Adaptations and Modifications of Enactments
Commissioners Clauses Act 1847(10 & 11 Vict. c. 16)
1
Sections 75 and 81, as incorporated with F23any enactment applicable to a relevant authority within the meaning of section 2 of this Act, shall not apply to an automatic charge.
1
Sections 75 and 81, as incorporated with F29section 87 of the M4Land Drainage Act 1976 or with any other enactment applicable to a relevant authority within the meaning of section 2 of this Act, shall not apply to an automatic charge.
2
In section 82, as so incorporated F24or as incorporated with section 55 of the Land Drainage Act 1991, the reference to a mortgage deed shall be construed as including a reference to an agreement to which section 2 of this Act applies.
2
In section 82, as so incorporated, the reference to a mortgage deed shall be construed as including a reference to an agreement to which section 2 of this Act applies.
Public Works Loans Act 1875(38 & 39 Vict. c. 89)
3
In the following provisions, that is to say, sections 8 . . . F25 any reference to that Act shall include a reference to section 2 of this Act.
4
In section 11 the reference to such security as is required by that Act shall be construed as including a reference to any automatic charge.
5
Section 12 shall not apply to a loan secured by an automatic charge.
6
Section 19 shall, in relation to an automatic charge, have effect as if any reference to the date of the mortgage included a reference to the date of the making of the relevant agreement and as if any reference to interest mentioned in the mortgage included a reference to interest mentioned in the agreement.
7
In section 38 the reference to any security previously given to the F26Treasury, and in sections 46 and 50 any reference to a security made or granted under that Act, shall include a reference to an automatic charge in their favour.
8, 9.
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10
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