Article G6 Borrowing limits etc.
The Authority may not at any time borrow an amount which would cause the total of—
the amount outstanding at that time by way of principal of money borrowed by the Authority, and
the aggregate cost (as determined below) at that time of the credit arrangements entered into by the Authority, other than arrangements excluded by virtue of the application of paragraph 2(2) of Schedule 3 to this Order,
to exceed the aggregate credit limit for the time being applicable to the Authority by virtue of article G23 below.
Where the Secretary of State makes provision by regulations under section 44(2) of the 1989 Act, regulating borrowing by local authorities, then borrowing by the Authority shall be regulated to like extent as borrowing by the NCS Service Authority is regulated by those regulations and in the application of those regulations under this paragraph references in those regulations to provisions in local government enactments shall be interpreted as references to be equivalent provisions of this Order; and the Authority may not borrow to any extent or in any manner which would contravene those regulations as applied by this paragraph.
The Authority may not borrow any amount which would cause any limit for the time being determined by the Authority under article G7 below to be exceeded.
References in this article and articles G7 to G9 below to borrowing by the Authority are references to borrowing not only under article G5 above but also under any other power for the time being available to the Authority under any enactment, whenever passed.
For the purposes of paragraph (1) above the temporary use by the Authority for a purpose other than that of the fund in question of money forming part of a trust fund as is referred to in subparagraph (h) of paragraph (2) of article G4 above shall be treated as borrowing.
A person lending money to the Authority shall not be bound to enquire whether the Authority has power to borrow the money and shall not be prejudiced by the absence of any such power.