Explanatory Notes

Local Government Act 2003

2003 CHAPTER 26

18th September 2003

Commentary on Sections

Part 1: Capital Finance Etc and Accounts

Section 1: Power to borrow

9.The present wide-ranging power of an authority to borrow for purposes relevant to its functions is preserved. But the new legislation goes further and clarifies that there is power to borrow for normal treasury management purposes – for example, to refinance existing debt.