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Regulation 3

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

(1)

Bonds issued by a local authority shall, subject to the next following paragraph—

(a)

bear interest at such rate as the local authority shall determine at the time of issue of the bonds; and

(b)

if they are negotiable bonds, be issued for periods of not less than one year.

(2)

The period for which any bonds, other than negotiable bonds, are issued may be extended upon such rate of interest and for such period as the local authority and the holder agree.