Explanatory note

This Order amends the borrowing powers of the Blyth Harbour Commissioners (“the Commissioners”) contained in the Blyth Harbour Act 1986 (c.xxi) (“the 1986 Act”).

The Commissioners borrowing powers and those of their subsidiaries were capped under the 1986 Act at £25,000,000 for permanent borrowings and £5,000,000 for temporary borrowings.

Article 3 authorises the Commissioners and their subsidiaries to borrow without limit such sums of money as they think necessary and to make arrangements to mitigate against any financial risk incurred for the purposes of meeting their obligations in carrying out their functions.

Article 4 repeals the earlier borrowing powers contained in the 1986 Act.

A full assessment has not been produced for this instrument as no impact on business or the private or voluntary sector is foreseen.