Regulation 119 Credit ceiling not increased by use of amount set aside to meet certain expenditureI1
England and Wales Not yet in force
For the purposes of this regulation, a local authority are a relevant authority if—
on the date which is the relevant date for the current financial year, their credit ceiling, as determined under Part III of Schedule 3 to the Act, is a negative amount; and
they have no money outstanding by way of borrowing other than disregarded borrowing within the meaning given to that expression in regulation 65.
In paragraph (1), the reference to the relevant date shall be construed in accordance with section 64(4).
A relevant authority’s credit ceiling shall not be increased by the use of credit approvals to any extent as mentioned in section 56(3)(a) in respect of any expenditure where, pursuant to section 64(1)(c), the authority apply an amount set aside to meet that expenditure.
Annotations
Commencement
- I1
Reg. 119 in force at 1.4.1997, see reg. 1(1)(b)