Greater London Authority Act 1999

116 Amortisation

(1) Where regulations made by the Secretary of State so require, an aggregate credit approval or an additional credit approval shall specify, directly or by reference to tables or other documents specified in the approval, an amortisation period.

(2) In this section “amortisation period” means a period during which a relevant authority is required to set aside, from a revenue account, as provision to meet credit liabilities, such amounts as may be appropriately determined.

(3) If regulations under subsection (1) above so provide, an aggregate credit approval or an additional credit approval may specify—

(a) different amortisation periods in relation to the use of the approval in respect of credit arrangements and expenditure for capital purposes of different descriptions; or

(b) different amortisation periods in relation to different amounts specified in the approval.

(4) Subsection (1) above does not apply in relation to a category B credit approval issued in respect of expenditure which is treated as expenditure for capital purposes of a relevant authority by virtue only of directions under section 40(6) of the [1989 c. 42.] Local Government and Housing Act 1989.

(5) But the Secretary of State or other Minister issuing a category B credit approval may specify in the approval, directly or by reference to tables or other documents specified in the approval, an amortisation period in respect of such expenditure as is mentioned in subsection (4) above.

(6) In subsection (2) above, “appropriately determined” means—

(a) in its application for the purposes of subsection (1) above, determined in accordance with regulations under that subsection; and

(b) in its application for the purposes of subsection (5) above, determined in accordance with the approval.

(7) In this section—

• “category B credit approval” means an aggregate credit approval or an additional credit approval to the extent that the approval consists of a category B amount;

• “relevant authority”, in the case of any credit approval, means an authority—

  (a)

  for which a category A or B amount is specified in the approval, or

  (b)

  to which a category C or D amount is allocated under the approval.