Paragraph 8 C1F1
The aggregate amount of the sums mentioned in sub-paragraph (2) below F2(save as excepted by sub-paragraph (2A)) shall not exceed £30 million or such greater sum not exceeding £100 million as the Secretary of State may by order made by statutory instrument specify.
The sums are—
sums borrowed by all corporations under paragraph 4 above minus repayments made in respect of those sums; and
sums issued by the Treasury in fulfilment of guarantees under paragraph 5 above of debts of all corporations.
But no sum which is—
borrowed by, or issued in fulfilment of a guarantee of a debt of, a corporation for an urban development area in England, and
borrowed or issued on or after the date on which section 179 of the Levelling-up and Regeneration Act 2023 comes into force,
is to count for the purposes of sub-paragraph (2)(a) or (b).
No order under sub-paragraph (1) above shall have effect until approved by a resolution of the House of Commons.
Annotations
Textual amendments
- F1
Sch. 31 para. 8 substituted by Urban Development Corporations (Financial Limits) Act 1987 (c. 57, SIF 123:1, 2), s. 1(1)
- F2
Words in Sch. 31 para. 8(1) inserted (14.4.2026) by Levelling-up and Regeneration Act 2023 (c. 55), ss. 179(1)(a), 255(7) (with s. 247); S.I. 2026/168, reg. 2(f)
- F3
Sch. 31 para. 8(2A) inserted (14.4.2026) by Levelling-up and Regeneration Act 2023 (c. 55), ss. 179(1)(b), 255(7) (with s. 247); S.I. 2026/168, reg. 2(f)
Modifications
- C1
Sch. 31 para. 8: transfer of certain functions (1.7.1999) by S.I. 1999/672, art. 5, Sch. 2