Section 18 Control of credit arrangementsI1I2C1
A council may not enter into, or vary, a credit arrangement if doing so would result in a breach of—
the limit determined by it under section 13, or
any limit applicable to it under section 14.
In applying those limits for the purposes of subsection (1)—
entry into a credit arrangement shall be treated as the borrowing of an amount of money equal to the cost of the arrangement, and
variation of a credit arrangement shall be treated as the borrowing of an amount of money equal to the cost of the variation.
Regulations may make provision about the calculation for the purposes of subsection (2) of the cost of a credit arrangement or a variation and, in particular, about the treatment of options.
Annotations
Modifications
- C1
Ss. 17-22 applied (with mods) (2.7.2013) by The Local Government (Statutory Transition Committees) Regulations (Northern Ireland) 2013 (S.R. 2013/179), regs. 1(1), 23, Sch. 3
Commencement
- I1
S. 18 wholly in operation at 1.4.2012; s. 18 not in operation at Royal Assent see s. 47(1); s. 18 in operation for certain purposes at 10.9.2011 otherwise 1.4.2012 by S.R. 2011/306, art. 2(1)(3), Sch.
- I2
S. 18 in operation at 1.4.2012 in so far as not already in operation by S.R. 2011/306, art. 2(3)
Notes on Part 1
Modifications
- C1
Pt. 1 applied with modifications (2.4.2012) by The Local Government (Constituting Joint Committees as Bodies Corporate) Order (Northern Ireland) 2012 (S.R. 2012/10), arts. 1, 4
- C2
Pt. 1 applied with modifications (1.4.2015) by The Local Government (Constituting a Joint Committee a Body Corporate) Order (Northern Ireland) 2015 (S.R. 2015/183), arts. 1, 4