Regulation 136 Use of certain credit approvalsI1

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:

reg. 136 coming into force by Local Authorities (Capital Finance) 1997 reg. 1(1)(b)
reg 136 defn(s) appl (E) (1.4.2004) by Local Authorities (Capital Finance and Accounting) 2003 reg 28(2)(a)
reg.136(1) (defn. of credit approval) substituted by Local Authorities (Capital Finance) 1998 reg.6(2)
reg 136 defn(s) am (E) by Local Authorities (Capital Finance) 2002 reg 2

(1)

In this regulation—

“credit approval” means any supplementary credit approval issued to the authority in respect of expenditure which is treated as expenditure for capital purposes by virtue only of directions under section 40(6); and
“relevant amount” means an amount equal to the extent to which a credit approval has, during any financial year before the current year, been used as mentioned in section 56(3).

(2)

The authority shall determine the total amount which would fall to be repaid by them in the current year in respect of the credit approvals issued to them, if, in relation to each such approval, they had been required to repay each relevant amount by equal annual instalments before the end of the amortisation period specified in the approval.

Annotations

Commencement

I1: Reg. 136 in force at 1.4.1997, see reg. 1(1)(b)