The Local Authorities (Capital Finance) Regulations 1990

Regulation 21

SCHEDULE 3 MODIFICATIONS OF INITIAL CREDIT CEILING AND CREDIT CEILING ON OR AFTER 1ST APRIL 1990

PART I INITIAL CREDIT CEILING

1.  The initial credit ceiling of a local authority (“the designated authority”) shall be increased by so much of the amounts, if any, of money which, by virtue of an order made under section 66(1) or 67(3) of the Local Government Act 1985(1), a local authority are deemed to have borrowed from the designated authority or is to be treated as the designated authority’s transferred debt, as–

(a) has not been repaid before 1st April 1990; and

(b) is not shown in the designated authority’s accounts as an advance from a loans fund established by the designated authority under paragraph 15 of Schedule 13 to the Local Government Act 1972(2).

2.  The initial credit ceiling of a local authority shall be reduced by an amount equal to the aggregate of the amounts, if any, falling within paragraph 8(1)(a) of Schedule 3 to the Act which relate to–

(a) money which the authority are deemed to have borrowed by virtue of an order made under section 66(1) or 67(3) of the Local Government Act 1985;

(b) advances in respect of which sums fall to be paid by virtue of an order made under section 51(2), 58(2) or 67(4) of, or paragraph 7 or 9 of Schedule 10 to, the Local Government Act 1972, by virtue of regulations made under section 67(1) or (2) of that Act, or by virtue of an agreement made under section 68 of that Act, by the authority to any body in relation to any matter which has been transferred by virtue of the order, regulations or agreement, as the case may be, from that body to the authority;

(c) advances in respect of which sums fall to be paid by virtue of an order made under section 254(1) or (2)(a) or (d) of the Local Government Act 1972 by the authority to any body in relation to any matter which has been transferred by virtue of the Local Government Act 1972 or the order from that body to the authority; and

(d) advances in respect of which sums fall to be paid by virtue of an order made under section 23(3) or 84 of the London Government Act 1963(3) by the authority to any body in relation to any matter which has been transferred by virtue of the order from that body to the authority.

PART II CREDIT CEILING ON OR AFTER 1ST APRIL 1990

3.  The modification to be made in determining at any time on or after 1st April 1990 a local authority’s credit ceiling is that no account shall be taken of any amount set aside by the authority in accordance with regulation 26(1)(e).

(1)

1985 c. 51.

(2)

1972 c. 70.

(3)

1963 c. 33.