{
  "url": "https://openlegislation.uk/local-authorities-capital-finance-amendment-no-3-regulations-1996/regulation-6",
  "json_url": "https://openlegislation.uk/local-authorities-capital-finance-amendment-no-3-regulations-1996/regulation-6.json",
  "legislation": "uksi/1996/2539",
  "legislation_title": "The Local Authorities (Capital Finance) (Amendment No. 3) Regulations 1996",
  "legislation_url": "https://openlegislation.uk/local-authorities-capital-finance-amendment-no-3-regulations-1996",
  "path": "regulation/6",
  "kind": "regulation",
  "number": "6",
  "heading": "Excluded credit arrangements",
  "text": "After regulation 22 insert the following regulation —\n“22A (1) A credit arrangement to which paragraph (2) below applies shall be excluded for the purposes of paragraph 11(2) of Schedule 3 to the Act.\n(2) This paragraph applies to a credit arrangement where —\n(a) paragraph (3) below applies to the local authority who enter into the arrangement;\n(b) as authority to enter into the arrangement, the authority determine to use a supplementary credit approval which applies only for the purposes of the arrangement; and\n(c) the initial cost and the cost at any time in relation to the arrangement would be nil by virtue of regulation 7C if that regulation had been amended, before the date on which the authority enter into the arrangement, by the omission of paragraph (2)(b) and paragraph (3).\n(3) This paragraph applies to a local authority whose credit ceiling, as determined under Part III of Schedule 3 to the Act, is nil or a negative amount at the beginning of the financial year in which the credit arrangement is entered into, and who have no money outstanding by way of borrowing other than —\n(a) short-term borrowing (within the meaning of section 45(6));\n(b) borrowing undertaken under section 5 of the City of London (Various Powers) Act 1924; or\n(c) 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.\n(4) In paragraph (3) above, “relevant lender” means the Public Works Loan Board, the Bank of England, the European Investment Bank, a body mentioned in any of paragraphs 1 to 17, or in paragraph 28 or 29, of Part II of the Schedule to the Local Authorities (Capital Finance) (Approved Investments) Regulations 1990, an authorised institution within the meaning of the Banking Act 1987 or a building society within the meaning of the Building Societies Act 1986.”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "1924 c.xxxvii. Section 5 was repealed by section 40(1) of the City of London (Various Powers) Act 1960 (c.xxxvi)."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "S.I. 1990/426; amended by S.I. 1991/501, S.I. 1992/1353, S.I. 1995/850 and S.I. 1995/1982."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "1987 c. 22."
    },
    {
      "type": "footnote",
      "label": "f4",
      "text": "1986 c. 53."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1996/2539/regulation/6",
    "retrieved_at": "2026-10-29T12:34:34.543270+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}