OpenLegislation

Regulation 134 Outstanding advances from a loans fundI1

England and Wales Not yet in force

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

In this regulation—

  • “limited approval” means an approval given by the Secretary of State under paragraph 1(b) of Schedule 13 to the Local Government Act 1972f1 subject to a condition that the borrowing approved would be repaid within 10 years after the date of the approval; and

  • “relevant period”, in relation to an advance from a loans fund, means the period beginning on 1st April 1990 and ending on the last day of the financial year in which the money borrowed by virtue of the limited approval for the advance is due to be repaid.

(2)

The authority shall determine the total amount, if any, which would fall to be repaid by them in the current year in respect of their advances from a loans fund, if they had been required to repay the principal of each such advance outstanding on 1st April 1990 before the end of the relevant period by equal annual instalments.

(3)

For the purposes of paragraph (2), an advance from a loans fund is an advance which was—

(a)

made before 1st April 1990 from a loans fund established by the authority under paragraph 15 of Schedule 13 to the Local Government Act 1972;

(b)

made by virtue of a limited approval for a purpose or class of purpose for which the approval had been given; and

(c)

not fully repaid to the loans fund before 1st April 1990.

Annotations

Commencement

I1

Reg. 134 in force at 1.4.1997, see reg. 1(1)(b)

Footnotes

f1

1972 c. 70 Part of paragraph 1(b) of Schedule 13 was repealed by Schedule 17 to the Local Government Act 1985 (c. 51).