Roads Act 1993

Borrowing by the Authority.

25

25. (1) ( a) The Authority may borrow money (including money in a currency other than the currency of the State) but where money is borrowed by the Authority, such borrowing shall be subject to the consent of the Minister and the Minister for Finance.

( b) The Authority may, with the consent of the Minister and the Minister for Finance, raise money (including money in a currency other than the currency of the State) by the making of promissory notes or the drawing or accepting of bills of exchange.

(2) For the purpose of borrowing, the Authority may create and issue bonds, debentures and other securities bearing such rate of interest and subject to such conditions as to repayment, redemption or otherwise as the Authority thinks fit.

(3) The Authority shall exercise the powers conferred on it by this section so that the amount or amounts of principal which the Authority may at any particular time be liable to repay on foot of any liability or liabilities incurred under this section does not, or do not in their aggregate, exceed £500,000,000.

(4) For the purposes of this section, moneys borrowed or raised in a currency other than the currency of the State shall be deemed to be the equivalent in the currency of the State of the actual moneys borrowed or raised, such equivalent being calculated according to the rate of exchange for that currency and the currency of the State at the time such moneys were borrowed or raised, as the case may be.