The Yarmouth (Isle of Wight) Harbour Revision Order 2002

• Citation: S.I. 2002/311
• Sections: 5

Section 1 Citation and commencement

(1) This Order may be cited as the Yarmouth (Isle of Wight) Harbour Revision Order 2002 and shall come into force on 4th March 2002.

(2) The Yarmouth (Isle of Wight) Harbour Orders 1931 to 2001 and this Order may be cited together as the Yarmouth (Isle of Wight) Harbour Orders 1931 to 2002.

Section 2 Interpretation

In this Order “the Commissioners” means the Yarmouth (Isle of Wight) Harbour Commissioners.

Section 3 Borrowing powers

(1) Subject to paragraph (2) below, the Commissioners may from time to time borrow upon the security of their assets for the time being or of their revenues or both their assets and their revenues, by any methods they see fit—

(a) such sums of money as they think necessary not exceeding three million pounds (or that sum as adjusted in accordance with article 5 below); and

(b) with the consent of the Secretary of State, such further sums of money as they may require.

(2) In calculating the aggregate sums of money borrowed by the Commissioners under paragraph (1) above, there shall be excluded any sums borrowed for the purpose of repaying within twelve months of the date of borrowing any sum for the time being outstanding by way of principal on any amount previously borrowed.

(3) Moneys borrowed by the Commissioners under this article shall be applied only to purposes to which capital money is properly applicable.

(4) For the purposes of paragraph (3) above, but without prejudice to the generality of that paragraph, purposes to which capital money is properly applicable shall be deemed to include—

(a) the payment of any interest, falling due within five years immediately following the date of borrowing, on any sum of money borrowed by the Commissioners under this article; and

(b) the repayment, within twelve months from the date of borrowing, of any sum for the time being outstanding by way of principal on any amount previously borrowed.

Section 4 Temporary borrowing powers

The Commissioners may borrow temporarily, by way of overdraft or otherwise, such sums of money as the Commissioners may require but the total amount outstanding at any one time of money so borrowed shall not exceed three hundred thousand pounds (or that sum as adjusted in accordance with article 5 below).

Section 5 RPI adjustment of borrowing limits

(1) On each anniversary of the date when this Order comes into force the sums mentioned in articles 3(1)(a) and 4 above shall be adjusted in line with any movement (calculated to one decimal place) in RPI which occurred during the year ended on 31st December immediately preceding the anniversary in question.

(2) Any adjustment referred to in paragraph (1) above, shall be recorded in the next following annual statement of accounts prepared by the Commissioners.

(3) In paragraph (1) above, “RPI” means the general index of retail prices for all items published in the monthly publication of the Office for National Statistics known as “Monthly Digest of Statistics”, or any successor from time to time of that index.