Regulation 13 Loans fund advances
(1)
Subject to paragraph (2), for each financial year a local authority must make loans fund advances in respect of the amount of—
(a)
expenditure that the authority has incurred; and
(b)
lending that the authority has made,
that it has determined is to be financed by borrowing, as permitted by regulation 2, in that financial year.
(2)
A loans fund advance may not be made for any expenditure or lending financed by—
(a)
borrowing that relates to treasury management activities; or
(b)
a credit arrangement.