88. (1) Section 13 of the Act of 1992 is amended—

(a) by the substitution of the following subsection for subsection (1):

“(1) An tÚdarás shall, on or before the first day of March in each year, notify the Director of the funding (in this section referred to as ‘allocated funding’) to be provided by An tÚdarás for that year to a college, from moneys provided to An tÚdarás under section 12 of the Higher Education Authority Act 1971.”,

(b) by the substitution of the following subsection for subsection (2):

“(2) The Director shall, on or before the first day of April in each year, or such other date as An tÚdarás may approve, prepare and submit following approval by the governing body, to An tÚdarás, in such form and manner as may from time to time be approved by An tÚdarás, a statement of the proposed expenditure and, other than allocated funding, expected income of the college for that year.”,

(c) by the insertion of the following subsection after subsection (2):

“(2A)The allocated funding and the expected income of the college referred to in subsection (2), shall be the budget of the college for that year.”,

(d) in subsection (4), by the substitution of “on an application in that behalf being made to it by” for “on application made to it by”,

(e) in subsection (5), by the deletion of “financial” in both places where it occurs,

(f) in subsection (7), by the deletion of “financial”,

(g) by the substitution of the following subsection for subsection (8):

“(8) Subject to subsection (9), a college or any company in which the college has a proprietary interest, may borrow money by means of a bank overdraft or otherwise and may guarantee or underwrite a loan taken or borrowing undertaken by a person or a body of persons.”,

(h) by the substitution of the following subsection for subsection (9):

“(9) An tÚdarás may, from time to time with the approval of the Minister, the Minister for Public Expenditure and Reform and the Minister for Finance, make rules to be complied with by a college in relation to any borrowing, guaranteeing or underwriting under subsection (8), and any such rules, which may be amended in like manner to which they are made, shall include rules relating to—

(a) the purposes for which any proposed borrowing, guaranteeing or underwriting may be undertaken by a college,

(b) the demonstration by a college of its ability to meet the costs arising from any such borrowing, guaranteeing or underwriting,

(c) the identification of the potential for any such proposed borrowing, guaranteeing or underwriting to give rise to additional costs for the State,

(d) the requirement to obtain the prior approval of An tÚdarás before borrowing, guaranteeing or underwriting where paragraph (c) applies, and

(e) the provision by a college to An tÚdarás of information relating to any borrowing, guaranteeing or underwriting undertaken under subsection (8).”,

and

(i) by the insertion of the following new subsection:

“(10) Where An tÚdarás makes or amends rules under subsection (9) it shall—

(a) so notify, and furnish a copy of the rules or amendments to, the governing body of each college, and

(b) arrange for the rules or amendments to be published on the internet.”.

(2) The amendments of section 13 of the Act of 1992 effected by paragraphs (a) to (c) of subsection (1) shall apply in relation to the next year beginning after the coming into operation of that subsection.