Greater London Authority Act 1999

113 Aggregate credit approval for Authority and functional bodies

(1) Before the beginning of each financial year the Secretary of State shall issue to the Mayor, in the form of a notice in writing, a credit approval with respect to the credit arrangements and expenditure for capital purposes during that year of the Authority and each of the functional bodies.

(2) The Secretary of State shall send to each of the functional bodies a copy of any credit approval issued under this section.

(3) A credit approval issued under this section (an “aggregate credit approval”) may be nil but, subject to that, shall consist of such number of specified amounts of money, for such authorities or purposes, as the Secretary of State may determine.

(4) Each amount so determined and specified by the Secretary of State must be an amount of a category described in subsection (5) below.

(5) For the purposes of this Chapter—

(a) a category A amount is an amount for a specified authority with respect to the authority’s credit arrangements and expenditure for capital purposes during the financial year for which the approval is given;

(b) a category B amount is an amount for a specified authority with respect to the authority’s credit arrangements and expenditure for capital purposes of one or more specified descriptions during that year;

(c) a category C amount is an amount with respect to credit arrangements and expenditure for capital purposes during that year for allocation by the Mayor to such one or more of the authorities, and in such proportions, as he may see fit, and for such purposes consisting of or comprised within those purposes as he may state in the notice of an allocation;

(d) a category D amount is an amount with respect to credit arrangements and expenditure for capital purposes of one or more specified descriptions during that year for allocation by the Mayor to such one or more of the authorities, and in such proportions, as he may see fit, and for such purposes consisting of or comprised within those purposes as he may state in the notice of an allocation.

(6) In this section—

• “authority” means the Authority or any of the functional bodies;

• “specified” means specified by the Secretary of State in the approval.