(1) The Treasurer, with the Minister's concurrence, may, in the name and on behalf of the State, guarantee the performance by a port authority, in the State or elsewhere, of any financial obligation of the port authority arising under section 85.

(2) A guarantee is to be in such form and subject to such terms and conditions as the Treasurer determines.

(3) The due payment of moneys payable by the Treasurer under a guarantee ¾

(a) is by this subsection guaranteed by the State; and

(b) is to be made by the Treasurer and charged to the Consolidated Fund, and this subsection appropriates that Fund accordingly.

(4) The Treasurer is to cause any amounts received or recovered from a port authority or otherwise in respect of any payment made by the Treasurer under a guarantee to be credited to the Consolidated Fund.