Citation and commencement

1. —(1) This Order may be cited as the Humber Bridge (Debts) Order 2012 and, subject to paragraph (2), comes into force on 31st March 2012.

(2) The following articles come into force on 1st April 2012—

(a) Article 2(3)(c) (and to the extent it relates to that provision, article 2(1)); and

(b) Article 3.

Waiver of Debts

2. —(1) The sums referred to in paragraph (3), being amounts of principal and interest which would, but for the provisions of this Order, be payable to the Secretary of State for Transport under the agreements referred to in paragraph (2), are not payable.

(2) The agreements referred to in paragraph (1) are those dated 29th March 1972, 1st July 1998, 19th June 2007 and 22nd August 2011 made between the Secretary of State and the Humber Bridge Board under section 5(3) of the Humber Bridge Act 1971( 2 ) (“the Agreements”).

(3) The sums referred to in paragraph (1) are—

(a) £38,789,000, being the amount of principal specified in column (2) at item 15 in the Table in paragraph 3 of the Schedule to the Humber Bridge (Debts) Order 1998( 3 );

(b) £111,211,000, representing principal; and

(c) that amount of interest accruing from 1st April 2012 on all sums owed to the Secretary of State under the Agreements, after deducting the sums referred to in paragraphs (3)(a) and (b), to the extent that such interest exceeds the amount of interest calculated as if the rate of interest was 4.25 per cent per annum.

Revocation

3.The Humber Bridge (Debts) Order 2011 is revoked( 4 ).