Search Legislation

Local Government Act 2003

Status:

This is the original version (as it was originally enacted).

3Duty to determine affordable borrowing limit
This section has no associated Explanatory Notes

(1)A local authority shall determine and keep under review how much money it can afford to borrow.

(2)In the case of the following authorities, namely—

(a)the Greater London Authority, and

(b)a functional body,

the Mayor shall determine and keep under review how much money the authority can afford to borrow.

(3)Before making any determination under subsection (2), the Mayor shall consult the London Assembly.

(4)Before making a determination under subsection (2) for a functional body, the Mayor shall consult that body.

(5)The Secretary of State may by regulations make provision about the performance of the duty under subsection (1) or (2).

(6)Regulations under subsection (5) may, in particular—

(a)make provision about—

(i)when a determination under subsection (1) or (2) is to be made,

(ii)how such a determination is to be made, and

(iii)the period for which such a determination is to be made;

(b)make provision about the monitoring of an amount determined under subsection (1) or (2);

(c)make provision about factors to which regard may be had in making a determination under subsection (1) or (2) or in monitoring an amount determined under that subsection.

(7)Regulations under subsection (5) may include provision requiring a person making a determination under subsection (1) or (2) to have regard to one or more specified codes of practice, whether issued by the Secretary of State or another.

(8)A local authority’s function under subsection (1) shall be discharged only by the authority.

(9)Section 38(1) of the Greater London Authority Act 1999 (c. 29) (delegation by Mayor) does not apply in relation to functions under subsection (2).

(10)The power under subsection (7) is not to be read as limited to the specification of an existing document.

(11)In this section—

  • “functional body” has the same meaning as in the Greater London Authority Act 1999 (c. 29);

  • “local authority” does not include the Greater London Authority or a functional body;

  • “Mayor” means Mayor of London.

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Show Explanatory Notes for Sections: Displays relevant parts of the explanatory notes interweaved within the legislation content.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources