Vocational Education (Borrowing) Regulations, 1931.

S.I. No. 35/1931 - Vocational Education (Borrowing) Regulations, 1931. STATUTORY RULES AND ORDERS. 1931. No. 35. VOCATIONAL EDUCATION (BORROWING) REGULATIONS, 1931. WHEREAS it is enacted by sub-section (1) of section 50 of the Vocational Education Act, 1930 (No. 29 of 1930), that where a vocational education committee proposes to incur expenditure under that Act on works the cost of which ought, in the opinion of the Minister for Education, by reason of their permanent character to be spread over a term of years, such committee may, with the consent of the said Minister, spread the defrayal of such expenditure over such term of years as the said Minister may approve, and may for that purpose borrow money on the security of the vocational education fund maintained by it and charge that fund with payment of the principal moneys so borrowed and the interest thereon, and it is enacted by sub-section (2) of the said section 50 that the powers of a vocational education committee under the said section shall be exercised in accordance with regulations made by the Minister for Education ; NOW, I, JOHN MARCUS O'SULLIVAN, Minister for Education, in exercise of the powers conferred on me by sub-section (2) of section 50 of the Vocational Education Act, 1930 (No. 29 of 1930), and of every and any other power me in this behalf enabling, do by this Order make the following regulations, that is to say :— 1. These Regulations may be cited as the Vocational Education (Borrowing) Regulations, 1931. 2. The Interpretation Act, 1923 (No. 46 of 1923), applies to the interpretation of these Regulations in like manner as it applies to the interpretation of an Act of the Oireachtas. 3. In these Regulations, the expression " the Act " means the Vocational Education Act, 1930 (No. 29 of 1930); the expression " The Minister " means the Minister for Education; the word "committee" means a vocational education committee. 4.—(1) Where a committee proposes to incur expenditure on works of a permanent character and for the defrayal of such expenditure desires to exercise the powers of borrowing conferred on it by section 50 of the Act, such committee shall apply to the Minister for a declaration by him that in his opinion the cost of such works should by reason of their permanent character be spread over a term of years, and for his consent to the defrayal of such expenditure being spread over such term of years as he may approve. (2) Every application under this Regulation shall be in the Form V. 21 in the Schedule hereto and shall contain the particulars asked for or otherwise indicated in such Form. (3) Every application under this Regulation shall be accompanied by— ) a copy (certified by the chief executive officer) of the resolution passed by the committee in relation to the proposed expenditure and the proposed borrowing to which the application relates, and, ) if such proposed expenditure is in relation to the purchase, erection, enlargement or structural improvement of any building, sketch plans relating to the proposed undertaking. 5. A committee which has sent an application to the Minister under the foregoing Regulation shall, if the Minister so requires, submit detailed plans, specifications and estimates in relation to the undertaking to which such application relates. 6. A committee shall not exercise the powers of borrowing conferred on it by section 50 of the Act unless and until it has sent an application under Regulation 4 of these Regulations, and the Minister has made the declaration and given the consent asked for in such application. 7. The instrument whereby the vocational education fund is charged with repayment of a loan under section 50 of the Act shall contain a covenant by the committee party to such instrument, to insure and keep insured against damage by fire so long as any part of such loan remains unpaid the works in respect of which the loan was obtained in such sum as the Minister may direct. Given under my Seal of Office this 24th day of June, 1931. J. M. O'SULLIVAN, Minister for Education. Form V. 21. (Department of Education.) VOCATIONAL EDUCATION ACT, 1930 .........................of.................................Vocational Education Committee. (This Form, duly completed, should be furnished in duplicate to the Department's Offices.) Application by the.........................................Vocational Education Committee for the consent of the Minister for Education under section 50 of the Vocational Education Act, 1930 , to the spreading of the defrayal of expenditure on works of a permanent character over a number of years. 1. Specify the situation of the school building in respect of which the loan is required. (A full and distinctive name should be given in the case of a new school.) 2. State (a) the total amount it is proposed to borrow; (b) the source from which it is to be obtained, and (c) the rate of interest. 3. Give an estimate of the total cost of the proposed undertaking. 4. Show how the loan is to be applied, i.e., (1) Purchase of lands or building. (2) Erection of building. (3) Enlargement of building. (4) Structural improvement of building. (5) Furniture and equipment for building (a). (6) Repairs. 5. State (1) The period for which it is proposed to borrow the money, and (2) The reasons why, in the opinion of the Vocational Education Committee, the expenditure on the proposed undertaking should be spread over such period. (a) Detailed particulars of such Furniture and Equipment to be attached to this application. 6. State the estimated income for the current financial year of the vocational education committee. 7. State the amount of the annual repayments of principal and interest in respect of all outstanding loans (if any) chargeable upon the vocational education fund of the vocational education committee. 8. State whether it is proposed (a) to purchase or take on lease any land for the purpose of the proposed works ; (b) (b) to obtain such land by agreement or compulsorily. (b) 9. State the manner in which it is proposed to repay the loan: (i) by equal half-yearly instalments of principal with interest on the amount outstanding from time to time, or (ii) by equal half-yearly or yearly instalments of principal and interest combined. (A loan obtained from the Commissioners of Public Works will be repayable by annuity only.) 10. If, at the date of this application, any loans are outstanding upon the building in respect of which the new loan is required, give the following particulars:— (a) Balance of loan or loans due. (b) To whom repayable. (c) Remaining period or periods of repayment. Submitted on behalf of the..............................of................................... Vocational Education Committee. ..........................................Chairman. ..........................................Chief Executive Officer. Dated this.................................day of.......................................19 (b) See provisions of Section 28 of the Vocational Education Act, 1930