# The Education (Grants for Education Support and Training) (England) (Amendment) Regulations 1996, Regulation 4


After regulation 2 there shall be inserted the following regulation—
“2A (1) The conditions referred to in the definition of “prescribed expenditure” in regulation 2 above are that—
(a) on 1st April 1996 the education authority had a credit ceiling, as determined under Part III of Schedule 3 to the 1989 Act which was nil or a negative amount; and
(b) on 1st January 1997 the education authority have no money outstanding by way of borrowing other than—
(i) short-term borrowing (within the meaning of section 45(6) of the 1989 Act); or
(ii) borrowing undertaken before 24th August 1995, other than borrowing by the issue of stock on or after 15th December 1993, from a person who is not a relevant lender.
(2) In this regulation
(2) In this regulation
(a) “the 1989 Act” means the Local Government and Housing Act 1989; and
(b) “relevant lender” has the same meaning as in the Local Authorities (Capital Finance) (Approved Investments) Regulations 1990.”

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Source: https://www.legislation.gov.uk/uksi/1996/3066/regulation/4 (the official version)
Page: https://openlegislation.uk/education-grants-for-education-support-and-training-england-amendment-regulations-1996/regulation-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.