The Humber Bridge (Debts) Order 1998

Link to law: http://www.legislation.gov.uk/uksi/1998/1797/made/data.htm?wrap=true
Published: 1998-07-22

Statutory Instruments
1998 No. 1797

HIGHWAYS, ENGLAND AND WALES
The Humber Bridge (Debts) Order 1998

Made
22nd July 1998

Laid before Parliament
29th July 1998

Coming into force
19th August 1998

The Secretary of State for the Environment, Transport and the Regions in exercise of the power conferred by section 1(1) of the Humber Bridge (Debts) Act 1996(1) and of all other powers enabling him in that behalf and with the consent of the Treasury hereby makes the following Order:—

Citation and commencement

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

Waiver of Debts

2.—(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(2) as are more particularly described in the Schedule to this Order.

Signed by the authority of the Secretary of State for the Environment, Transport and the Regions

Helene Hayman
Parliamentary Under Secretary of State,
Department of the Environment, Transport and the Regions
22nd July 1998

We consent

James Dowd
Jon Owen Jones
Two of the Lords Commissioners of Her Majesty’s Treasury
22nd July 1998

Article 2(2)
SCHEDULE

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

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.

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.

(1)
(2)
(3)

Item
Amount
Year

1
£240 million
1998

2
£229 million
1999

3
£217.56 million
2000

4
£205.662 million
2001

5
£193.289 million
2002

6
£180.420 million
2003

7
£167.037 million
2004

8
£153.119 million
2005

9
£138.644 million
2006

10
£123.589 million
2007

11
£107.933 million
2008

12
£91.650 million
2009

13
£74.716 million
2010

14
£57.105 million
2011

15
£38.789 million
2012

16
£19.741 million
2013

4.  Interest for

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

(b)
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(3).

Explanatory Note

(This note is not part of the Order)
Section 5(3) of the Humber Bridge Act 1971 authorises the Secretary of State for the Environment, Transport and the Regions to enter into agreements with the Humber Bridge Board for the financing of the construction and maintenance of the Humber Bridge. Section 1(1) of the Humber Bridge (Debts) Act 1996 empowers the Secretary of State to provide that any sum (including interest) payable to him by the Board pursuant to such agreements shall not be payable.
This Order releases the Board from its obligation to pay to the Secretary of State under agreements with him dated 29th March 1972 and 1st July 1998 the sums of principal and interest listed in the Schedule. The Order becomes effective on 19th August 1998.


(1)
1996 c. 1.

(2)
1971 c.xlvii.

(3)
1959 c.xlvii; section 75 was amended by the Humber Bridge Act 1971 section 8.
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