
1 
This Order may be cited as the Public Airport Companies (Capital Finance) (Second Amendment) Order 1992 and shall come into force on 28th February 1992.
2 
The Public Airport Companies (Capital Finance) Order 1990 shall be amended as follows—
(1) In paragraph (4) of article 2 for the word “In” at the beginning there shall be substituted the words “Subject to paragraphs (6) and (7) below, in”.
(2) In paragraph (4) of article 2 after the words “a company or subsidiary” there shall be added the following words—“including any premium obtained by the company or subsidiary upon the issue of such shares or stock”.
(3) After paragraph (5) of article 2 there shall be added the following paragraphs—“
(6) Liabilities shown in the company’s or subsidiary’s balance sheet and which comprise current liabilities shall be included in the total of the liabilities of the company or subsidiary for the purpose of paragraph (4)(a) above and excluded from the total of current liabilities of that company or subsidiary for the purpose of paragraph (4)(b) above to the extent that they include any current liability which, in accordance with a determination of the controlling authority referring to that liability and made no later than 30th September in the following financial year, is not to be set against the current assets of the company or subsidiary.
(7) Liabilities shown in the company’s or subsidiary’s balance sheet and which comprise current liabilities shall be included in the total of the liabilities of the company or subsidiary for the purpose of paragraph (4)(a) above and excluded from the total of current liabilities of that company or subsidiary for the purpose of paragraph (4)(b) above where they were shown as liabilities of that company or subsidiary in the balance sheet for the preceding financial year but did not then comprise current liabilities.”.
(4) In paragraph (8) of article 3 for the date “31st May” there shall be substituted the date “30th September”.
(5) After paragraph (8) of article 3 there shall be added the following paragraph—“
(9) Nothing in this article shall require credit cover to be available for the financial year ending 31st March 1992 for that part of any additional liabilities calculated under article 2(2) above which comprises a borrowing, not being a short term borrowing, incurred on or after 1st April 1991 and used for the purpose of meeting any current liability included in the calculation of relevant liabilities on the relevant date in the financial year ending 31st March 1991 provided such current liability, at the time it was incurred, was either—
(a) an advance treated as prescribed expenditure of the controlling authority in accordance with section 22 of the Airports Act 1986, or
(b) incurred for the purpose of repaying such an advance.”
(6) Article 5 shall be deleted.
(7) In the Schedule there shall be deleted the entry—“Liverpool Airport plc Knowsley Borough Council”.
Signed by authority of the Secretary of State for Transport
Brabazon of Tara
Minister of State,
Department of Transport
5th February 1992