Article 8 Borrowing, lending and funds
Schedule 13 to the Local Government Act 1972 (borrowing, lending and funds)f1 shall have effect as if—
in paragraph 5(2) and (3), in relation to an authority established by this order, the words “derived from rates” were omitted; and
in paragraph 22(1) and (3), references to a joint authority included references to an authority established by this order.
Without prejudice to its other borrowing powers, an authority established by this order may borrow by way of temporary loan or overdraft from a bank or otherwise any sums which it may require for the purpose of defraying its expenses before the abolition date.
The sums borrowed by an authority under paragraph (2) shall not exceed £100,000 and shall be repaid before 31st March 1987.
Paragraph 12 of Schedule 13 to the Local Government Act 1972 (joint borrowing) shall apply to the power conferred by paragraph (2) as it applies to the powers of borrowing conferred by Part I of that Schedule.
Annotations
Footnotes
- f1
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relevant amendments were made by section 70 of the Local Government Act 1985.