The Humber Bridge (Debts) Order 1998

• Citation: S.I. 1998/1797
• Sections: 6

Section 1 Citation and commencement

This Order may be cited as the Humber Bridge (Debts) Order 1998 and shall come into force on 19th August 1998.

Section 2 Waiver of Debts

(1) The sums specified in paragraph (2) below which would but for the provisions of this Order otherwise be payable to the Secretary of State for the Environment, Transport and the Regions shall cease to be payable.

(2) The sums referred to in paragraph (1) are the amounts of principal and interest due to the Secretary of State under the terms of agreements dated 29th March 1972 and 1st July 1998 made between him and the Humber Bridge Board pursuant to section 5(3) of the Humber Bridge Act 1971 as are more particularly described in the Schedule to this Order.

Section 1

The sum of £63,073,470 together with related interest accruing theron from 1st April 1998 amounting to £17,329,085.08.

Section 2

Interest accruing from 1st April 1998 on all other sums owed to the Secretary of State to the extent that such interest exceeds 7.75 per centum per annum.

Section 3

All other interest on the amount specified in column (2) of an item in the table below for the period beginning 1st April in the year specified in column (3) of that item and ending on 31st March in the year following.

Section 4

Interest for

the year 1st April 2000 to 31st March 2001 not exceeding £1,400,000; and

the year 1st April 2001 to 31st March 2002 not exceeding £200,000

being in each case interest that cannot be paid by applying the revenues of the Humber Bridge Board in accordance with section 75 of the Humber Bridge Act 1959 .