§ The Public Works Loans Commissioners may, on the recommendation of the Board, make any loan to any local authority in pursuance of any powers of borrowing conferred by this Act or by the Acts hereby repealed, whether for works already executed or yet to be executed, on the security of any fund or rate applicable to any of the purposes of these Acts, and without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 Local Loans Fund.
§ Provided as follows—
- (1.) That in determining the time when a loan as aforesaid shall be repayable, the Public Works Loans 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.
§ Clause, as amended, ordered to stand part of the Bill.
§ Clauses 143 to 155 inclusive ordered to stand part of the Bill.
§ Clause 156,—