# Local Government Act 2003, Section 1: Power to borrow


A local authority may borrow money—
(a) for any purpose relevant to its functions under any enactment, or
(b) for the purposes of the prudent management of its financial affairs.

---
Source: https://www.legislation.gov.uk/ukpga/2003/26/section/1 (the official version)
Page: https://openlegislation.uk/local-government-act-2003/section-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.