Finance Act 1931

36 Advances to road fund for meeting expenditure in connection with expedited schemes

(1) The Treasury may at any time within the financial year ending on the thirty-first day of March, nineteen hundred and thirty-two, advance to the Road Fund out of the Consolidated Fund of the United Kingdom or the growing produce thereof (in addition to any advances made to the Road Fund under section twenty-seven of the Finance Act, 1928) such further sums, not exceeding in the aggregate nine million pounds, as may be required for the purpose of making any payments falling to be made out of the Road Fund on account of expenditure incurred in respect of the construction or improvement of roads within the meaning of the [9 Edw. 7. c. 47.] Development and Road Improvement Funds Act, 1909, including any such construction or improvement undertaken in pursuance of schemes expedited on account of the existing conditions of employment, which cannot be met out of the income of the Road Fund.

(2) Any sums advanced under this section, together with interest thereon, or on such part thereof as is for the time being outstanding, at such rate as may be fixed by the Treasury, shall be charged on the Road Fund, and the said sums shall be repaid out of the Road Fund to the Exchequer by such instalments and at such dates between the first day of April, nineteen hundred and thirty-six and the thirty-first day of March, nineteen hundred and forty-one, as the Treasury may determine.

Any interest chargeable as aforesaid shall be paid annually on such date as the Treasury may determine.

(3) For the purpose of providing for the issue of sums out of the Consolidated Fund under this section, or for the repayment to that Fund of all or any part of any sums so issued, or for the paying off of any securities issued under this section, in so far as no other provision is made for the purpose, the Treasury may borrow money by means of terminable annuities for a term not exceeding nine years, or by the issue of such other securities, being securities repayable not later than the thirty-first day of March, nineteen hundred and forty-one, as they think proper, and all sums so borrowed shall be paid into the Exchequer.

(4) The principal of and interest on any securities and any annuities issued under this section shall, unless otherwise provided for, be charged on and paid out of the Consolidated Fund of the United Kingdom or the growing produce thereof.

(5) Notwithstanding anything in any Act, money in the hands of the National Debt Commissioners for the purpose of the reduction of the National Debt shall not be applied in purchasing, redeeming or paying off any securities issued under this section.