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The Urban Development Corporations (Financial Limits) Order 1987

S.I. 1987/1238 · Made 28 April 1987

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

URBAN DEVELOPMENT

Approved by the House of Commons

Made 28th April 1987

Laid before the House of Commons 1st May 1987

Coming into force 16th July 1987

The Secretary of State for the Environment, in exercise of the powers conferred on him by paragraph 8 of Schedule 31 to the Local Government, Planning and Land Act 1980f1, and of all other powers enabling him in that behalf, hereby makes the following Order:

Annotations to the whole text

Footnotes

f1

1980 c. 65; paragraph 8 was amended by the New Towns and Urban Development Corporations Act 1985 (c. 5), section 12.

Contents

  1. 1Title and commencement
  2. 2Specified financial limit
  3. Signature
  4. Explanatory note

1Title and commencement

This Order may be cited as the Urban Development Corporations (Financial Limits) Order 1987 and shall come into force on the day after the day on which it is approved by a resolution of the House of Commons.

2Specified financial limit

The sum of £800 million is hereby specified as the maximum amount for the purposes of sub-paragraph (1) of paragraph 8 of Schedule 31 to the Local Government, Planning and Land Act 1980.

Signature

Nicholas Ridley

Secretary of State for the Environment

28th April 1987

Explanatory note

(This note is not part of the Order)

Paragraph 8 of Schedule 31 to the Local Government, Planning and Land Act 1980, as amended by section 12 of the New Towns and Urban Development Corporations Act 1985, places a financial limit on all urban development corporations established under that Act. Paragraph 8(1) limits the maximum aggregate amount of money to be borrowed by, and paid to or in respect of, all such corporations to £600 million or such greater sum, not exceeding £800 million, as the Secretary of State may specify. This order increases the maximum aggregate amount from £600 million to £800 million.