# Housing Act 1957, Paragraph 1


Local bonds shall—
(a) be secured upon all the rates, property and revenues of the local authority ;
(b) bear interest at such rate as the local authority may determine at the time of the issue of the bonds ;
(c) be issued in denominations of five, ten, twenty, fifty, and one hundred pounds and multiples of hundred pounds ;
(d) be issued for periods of not less than five years.

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Source: https://www.legislation.gov.uk/ukpga/Eliz2/5-6/56/schedule/EIGHTH/paragraph/1 (the official version)
Page: https://openlegislation.uk/housing-act-1957/schedule-EIGHTH/paragraph-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.