Regulation 2 North East Mayoral Combined Authority and York and North Yorkshire Combined Authority borrowing

All functions of the following authorities^f1 other than their transport functions^f2 are specified for the purposes of section 23(5) of the Local Government Act 2003 (power to borrow money for a purpose relevant to a function specified in regulations)—

(a)

the North East Mayoral Combined Authority^f3;

(b)

the York and North Yorkshire Combined Authority^f4.

Annotations

Footnotes

f1: Mayoral combined authorities who, on or before 22nd October 2024 have entered into a debt agreement with His Majesty’s Treasury. “Debt agreement” means an agreement between a combined authority and His Majesty’s Treasury which provides for annual maximum limits on the long term external debt (borrowing for more than 12 months) into which the authority may enter.
f2: Section 23(5) of the Local Government Act 2003, as amended by the Local Democracy, Economic Development and Construction Act 2009 (c. 20) and the Cities and Local Government Devolution Act 2016 (c. 1), confers borrowing powers on a combined authority in relation to purposes relevant to its transport functions and to any other functions specified in regulations by the Secretary of State.
f3: The authority was established under article 5 of S.I. 2024/402 and its functions are set out in Parts 5 to 10 of that Order.
f4: The authority was established under article 3 of S.I. 2023/1432 and its functions are set out in Parts 3 to 10 of that Order.