PART 3

FINANCES

Application of finances
7
The Council shall apply the harbour revenue in the manner following and not otherwise—
a
first in payment of the working and establishment expenses and cost of maintenance of the harbour;
b
secondly in payment of the interest on any moneys borrowed by the Council for the harbour under any statutory borrowing power;
c
thirdly in payment of all other expenses properly chargeable to harbour revenue; and
d
fourthly to an account established as a reserve fund for the harbour.