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The Local Authorities (Capital Finance) (Amendment) Regulations 1997

S.I. 1997/848 · Made 14 March 1997

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

LOCAL GOVERNMENT, ENGLAND AND WALES

Made 14th March 1997

Laid before Parliament 17th March 1997

Coming into force 1st April 1997

The Secretary of State for the Environment, as respects England, and the Secretary of State for Wales, as respects Wales, in exercise of the powers conferred on them by sections 48(1)(c), 49(3), 59(4), 61(4) and 190(1) of the Local Government and Housing Act 1989f1, and of all other powers enabling them in that behalf, hereby make the following Regulations:

Annotations to the whole text

Footnotes

f1

1989 c. 42.

Contents

  1. 1Commencement and citation
  2. 2Amendment of Regulations
  3. 3Meaning of private finance transaction
  4. 4Transactions for the provision of a capital asset and services
  5. 5Capital receipts derived from disposals made to assist regeneration
  6. 6Disposal of property under a private finance transaction
  7. Signature
  8. Explanatory note

1Commencement and citation

These Regulations may be cited as the Local Authorities (Capital Finance) (Amendment) Regulations 1997 and shall come into force on 1st April 1997.

2Amendment of Regulations

The Local Authorities (Capital Finance) Regulations 1997f1 shall be amended in accordance with the following provisions of these Regulations.

3Meaning of private finance transaction

In regulation 16, in paragraph (2)—

(a)

in sub-paragraph (a)(i), omit the words “for use” and “(“the relevant purpose”)”;

(b)

in sub-paragraph (a)(ii) and sub-paragraph (d)(ii), omit the words “for the relevant purpose”; and

(c)

substitute the following for sub-paragraph (e)—

“(e)

the first instalment of fees falls to be paid after the asset has started to be used;”.

4Transactions for the provision of a capital asset and services

In regulation 40—

(a)

in paragraph (1), omit the words from “and” to the end; and

(b)

in paragraph (2)(a) and paragraph (3)(b), omit the words “for the relevant purpose”.

5Capital receipts derived from disposals made to assist regeneration

In regulation 86—

(a)

in the definition of “relevant land” in paragraph (1), for the words in sub-paragraph (a) from “or within a ward” to the end of that sub-paragraph substitute the words “or was situated within a ward which had a boundary adjoining the boundary of such a ward and which is in the same local authority area; or”; and

(b)

after paragraph (1) insert the following paragraph—

“(1A)

For the purposes of the definition of “relevant land” in paragraph (1), two wards are in the same local authority area if the land which, before 1st April 1994, comprised the wards is in the area of a single local authority.”.

6Disposal of property under a private finance transaction

In regulation 112, substitute the following paragraph for paragraph (1)—

“(1)

In this regulation, “relevant arrangement” means a credit arrangement—

(a)

which is a private finance transaction for the purposes of Part IV of these Regulations; and

(b)

of which the initial cost falls to be determined under regulation 40, 41 or 42, or which is entered into in reliance on a supplementary credit approval which applies for the purposes of the transaction and for no other purposes.”.

Signature

Signed by authority of the Secretary of State for the Environment

David Curry

Minister of State,

Department of the Environment

12th March 1997

Signed by authority of the Secretary of State for Wales

Gwilym Jones

Parliamentary Under-Secretary of State,

Welsh Office

14th March 1997

Explanatory note

(This note is not part of the Regulations)

These Regulations amend the Local Authorities (Capital Finance) Regulations 1997 (“the principal Regulations”).

The amendments to regulations 16 and 40 of the principal Regulations modify the meaning of private finance transaction to take into account the case where the asset provided under the transaction is not provided for use by the local authority.

The amendment to regulation 86 of the principal Regulations modifies the description of land on which regeneration must take place if capital receipts derived from disposals made to assist the regeneration are to be treated as reduced.

The amendment to regulation 112 of the principal Regulations extends the description of private finance transaction under or in connection with which a local authority can dispose of property without having to set aside (as provision to meet credit liabilities) an amount in respect of the non-monetary consideration received for the disposal under the transaction.