Article 2 Local authority borrowing limit
The aggregate of the amount outstanding on bills issued by a local authority under paragraph 6(1) of Schedule 3 to the Local Government (Scotland) Act 1975 shall not under paragraph 6(2)(a) of Schedule 3 to the Actf1 exceed a sum equal to one third of the authority’s estimated gross income from rates, the council tax and the council water charge during the current year.
Annotations
Footnotes
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Paragraph 6(2)(a) of Schedule 3 was amended by paragraph 34 of Schedule 1 to the Abolition of Domestic Rates (Scotland) Act 1987 (c. 47) and by paragraph 44(a) of Schedule 13 to the Local Government Finance Act 1992 (c. 14).