The Local Authorities (Capital Finance) Regulations 1990

Regulation 24

SCHEDULE 4 ADJUSTED INITIAL CREDIT CEILING AND ADJUSTED CREDIT CEILING

PART I ADJUSTED INITIAL CREDIT CEILING

The modifications to be made in determining a local authority’s adjusted initial credit ceiling are that no account shall be taken of–

(a) the amounts, if any, falling within paragraph 8(1)(a) of Schedule 3 to the Act which relate to advances in respect of which sums fall to be paid to the authority by any body by virtue of–

(i) 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, regulations made under section 67(1) or (2) of that Act, or an agreement made under section 68 of that Act, in relation to any matter which has been transferred by virtue of the order, regulations or agreement, as the case may be, from the authority to the body;

(ii) an order made under section 254(1) or (2)(a) or (d) of the Local Government Act 1972 or under those provisions as extended by section 34(1) of, and paragraph 5(2)(b) of Schedule 6 to, the Water Act 1973(1), in relation to any matter which has been transferred by virtue of the Local Government Act 1972 or the order from the authority to the body; or

(iii) an order made under section 23(3) or 84 of the London Government Act 1963 in relation to any matter which has been transferred by virtue of the order from the authority to the body;

(b) the amounts, if any, falling within paragraph 8(1)(a) of Schedule 3 to the Act which are taken into account in determining the initial credit ceiling of the authority (“the designated authority”) and which relate to money which, by virtue of an order made under section 66(1) or 67(3) of the Local Government Act 1985, a local authority are deemed to have borrowed from the designated authority or is to be treated as the designated authority’s transferred debt;

(c) the amount, if any, by which the designated authority’s initial credit ceiling is increased in accordance with paragraph 1 of Schedule 3 to these Regulations; and

(d) the amounts, if any, falling within paragraph 8(1)(a) of Schedule 3 to the Act which relate to advances made by the authority on or before 30th September 1989 to a housing association (within the meaning of the Housing Associations Act 1985) in connection with expenditure in respect of which the association received or is to receive a grant made under section 50 of the Housing Act 1988, section 41(1) of the Housing Associations Act 1985 or section 29(1) of the Housing Act 1974.

PART II ADJUSTED CREDIT CEILING

The modifications to be made in determining at any time on or after 1st April 1990 a local authority’s adjusted credit ceiling are that the determination shall be on the basis of their adjusted initial credit ceiling and that no account shall be taken of–

(a) the reserved part of a capital receipt which is set aside under section 59(1) where the sum in question is a capital receipt in accordance with regulation 12;

(b) any amount set aside by virtue of regulations 25(1)(c) or 26(1)(d); and

(c) the reserved part of a capital receipt which is set aside under section 59(1) where the receipt is derived from the repayment of such an advance as is referred to in sub-paragraph (d) of Part I of this Schedule.

(1)

1973 c. 37.