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The Audit Commission (Borrowing Limit) Order 2002

Draft. This instrument was laid in draft and may differ from the one made. Look for the made version under its title.

Draft 2002, ISBN 0110393074

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Draft Order laid before the House of Commons under section 52(2) of the Audit Commission Act 1998, for approval by resolution of the House of Commons.

LOCAL GOVERNMENT, ENGLAND AND WALES

Made 2002

Coming into force 2002

The Secretary of State for Transport, Local Government and the Regions, in exercise of the powers conferred on him by paragraph 9(2) of Schedule 1 to the Audit Commission Act 1998f1, hereby makes the following Order a draft of which has been laid before, and approved by a resolution of, the House of Commons.

Annotations to the whole text

Footnotes

f1

1998 c. 18.

Contents

  1. 1Citation and commencement
  2. 2Maximum borrowing limit
  3. Signature
  4. Explanatory note

1Citation and commencement

This Order may be cited as the Audit Commission (Borrowing Limit) Order 2002 and shall come into force on the day after the day on which it is made.

2Maximum borrowing limit

(1)

The Secretary of State hereby specifies £12 million as the sum that the borrowed amount may not exceed.

(2)

In paragraph (1) above, the “borrowed amount” means the aggregate amount outstanding in respect of the principal of any sums borrowed by the Commission under paragraph 9(1) of Schedule 1 to the Audit Commission Act 1998.

Signature

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

Parliamentary Under Secretary of State,

Department for Transport, Local Government and the Regions

     2002

Explanatory note

(This note is not part of the Order)

This Order relates to the Audit Commission’s borrowing limit. Paragraph 9(2) of Schedule 1 to the Audit Commission Act 1998 provides that the aggregate amount outstanding in respect of the principal of any of the sums borrowed by the Commission may not exceed £4 million. This Order increases that limit to £12 million.