Regulation 123 Exclusion for private finance transactionsI1

England and Wales Not yet in force

(1)

A credit arrangement to which paragraph (2) applies shall be excluded for the purposes of paragraph 11(2) of Schedule 3 to the Act.

(2)

This paragraph applies to a credit arrangement where—

(a)

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

(b)

paragraph (3) applies to the local authority who enter into the arrangement; and

(c)

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.

(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 disregarded borrowing within the meaning given to that expression in regulation 65.

Annotations

Commencement

I1: Reg. 123 in force at 1.4.1997, see reg. 1(1)(b)