Urban Development Corporation (Financial Limits) Act 1987
1987 CHAPTER 57
An Act to remove the limit on the amount of grants that may be made to urban development corporations and to provide a new limit applicable only to the amounts for the time being outstanding in respect of sums borrowed by them and sums issued by the Treasury in fulfilment of guarantees of their debts.
[17th December 1987]
Be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—
1 Alteration of financial limits of urban development corporations.E+W+S
(1)For paragraph 8 of Schedule 31 to the M1Local Government, Planning and Land Act 1980 (financial limits of urban development corporations) there shall be substituted—
“8(1)The aggregate amount of the sums mentioned in sub-paragraph (2) below shall not exceed £30 million or such greater sum not exceeding £100 million as the Secretary of State may by order made by statutory instrument specify.
(2)The sums are—
(a)sums borrowed by all corporations under paragraph 4 above minus repayments made in respect of those sums; and
(b)sums issued by the Treasury in fulfilment of guarantees under paragraph 5 above of debts of all corporations.
(3)No order under sub-paragraph (1) above shall have effect until approved by a resolution of the House of Commons.”
(2)Section 12 of the M2New Towns and Urban Development Corporations Act 1985 is hereby repealed and the Urban Development Corporations (Financial Limits) Order 1983 and the Urban Development Corporations (Financial Limits) Order 1987 are hereby revoked.
2 Short title, commencement and extent.E+W+S
(1)This Act may be cited as the Urban Development Corporations (Financial Limits) Act 1987.
(2)This Act shall come into force at the end of the period of two months beginning with the day on which it is passed.
(3)This Act does not extend to Northern Ireland.