§
Amendment made: No. 19, in page 80, line 37, leave out from 'by' to end of line 40 and insert
'the annual borrowing costs of a loan of the amount required for the provision of that sewer.
(3A) The annual borrowing costs of a loan of the amount required for the provision of a public sewer is the aggregate amount which would fall to be paid in any year by way of payments of interest and repayments of capital if an amount equal to so much of the costs reasonably incurred in providing that sewer as were not incurred in the provision of additional capacity had been borrowed, by the sewerage undertaker providing the sewer, on terms—
- (a) requiring interest to be paid and capital to be repaid in twelve equal annual instalments; and
- (b) providing for the amount of the interest to be calculated at such rate, and in accordance with such other provision, as may have been determined either
1193 by the undertaker with the approval of the Director or, in default of such a determination, by the Director.'.
§
No. 20, in page 81, line 33, clause 70, leave out subsection (7) and insert—
'(6A) Where for the purposes of subsection (1)(b) above any sums have been deposited with a sewerage undertaker by way of security for the discharge of any obligation, the undertaker shall pay interest at such rate as may be determined either—
- (a) by the undertaker with the approval of the Director; or
- (b) in default of a determination under paragraph (a) above, by the Director,
on every sum of 50p so deposited for every three months during which it remains in the hands of the undertaker.
(7) An approval or determination given or made by the Director for the purposes of subsection (3A) or (6A) above—
- (a) may be given or made in relation to the provision of a particular public sewer, in relation to the provision of sewers of a particular description or in relation to the provision of sewers generally; and
- (b) may be revoked at any time except, in the case of an approval or direction for the purposes of subsection (3A) above, in relation to a public sewer that has already been provided.'.
§ No. 21, in page 81, line 46, leave out subsection (9). —[Mr. Howard.]