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New Towns Money

Volume 892: debated on Monday 12 May 1975

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Queen's Recommendation having been signified


That, for the purposes of any Act of the present Session to raise the limits imposed by the New Towns Act 1965 ('the 1965 Act') on the amount which may be borrowed by the development corporations for the new towns and the Commission for the New Towns and make provision for the payment of pensions to chairmen of development corporations and of remuneration and allowances to members of committees conducing business for the Commission, it is expedient to authorise any increase in the sums falling to be paid out of the National Loans Fund under section 44 of the 1965 Act or under section 38 of the New Towns (Scotland) Act 1968 or in the sums falling to be paid out of money provided by Parliament, being an increase attributable to provisions of the said Act of the present Session—
  • (a) enabling money to be advanced to the Commission under section 42(5) of the 1965 Act so long as the sum of the amounts advanced under that subsection and remaining outstanding at any one time does not exceed £1 million;
  • (b) increasing to £2,250 million the limit imposed by section 43 of the 1965 Act on the amounts outstanding in respect of borrowings by the development corporations and the Commission;
  • and to authorise any increase attributable to any of the said provisions in the sums falling to be paid into the National Loans Fund.—[Mr. Millan.]