§ The Public Works Loan Commissioners may, on the recommendation of the Board, make any loan to any local authority or County Council as the case may be in pursuance of any powers of borrowing conferred by the Public Health Acts, whether for works already executed or yet to be executed, on the security of any fund or rate applicable to any of the purposes of these Acts, and without requiring any further or other security, such loan to be repaid within a period not exceeding thirty years, and to bear interest at such rate as may, in the judgment of the Treasury, be necessary in order to enable the loan to be made without loss to the Exchequer.
§ Provided as follows:—
- (1.) That in determining the time when a loan under this Act shall be repayable, the Public Works Loan Commissioners shall have regard to the probable duration and continuing utility of the works in respect of which the same is required;
- (2.) That this Act shall not extend to any loan required for the purpose of defraying expenses incurred in enforcing the performance of or in performing the duty of a defaulting local authority.
THE EARL OF ROSSLYNsaid that he had been asked by the County Council of Fife to move to leave out "not exceeding 30 years," and to insert "not less than 50 years."
*LORD BALFOURsaid that he could not accept the Amendment. The clause had been drawn in conjunction with the Treasury and the Public Works Commissioners; and there was a general agreement that these loans for special expenses should be repaid within the limit of the generation which had incurred them. There would be much more extra vagence if the period were prolonged.
§ Amendment, by leave, withdrawn.
§ Clause 138,—