The Local Authorities (Borrowing) (Amendment) Regulations 1991

4.  Regulation 7 of the principal Regulations is hereby amended as follows—

(a) for paragraph (7), substitute—

“(7) A local authority shall not issue sterling commercial paper or a sterling medium term note unless either—

(a) the authority have—

(i) issued debt securities some or all of which are included in the Official List of The Stock Exchange; and

(ii) complied with their obligations under the listing rules in respect of their listed debt securities and, since the last publication in compliance with the listing rules of information about the authority, the authority, having made all reasonable enquiries, have not become aware of any change in their circumstances which could reasonably be regarded as significantly and adversely affecting their ability to meet their obligations in respect of sterling commercial paper or sterling medium term notes as the obligations fall due; or

(b) in a case to which subparagraph (a)(i) above does not apply, the authority have complied with the requirements of Schedule 2 to these Regulations,

and in either case, the requirements of paragraph (8) below are complied with.”;

(b) in paragraph (8)—

(i) in subparagraph (a), omit the words “and provided the Bank with a detailed description of the purposes for which the proceeds of the issue would be used”; and

(ii) in subparagraph (b)(i) omit the words “and provided the Bank with a detailed description of the purposes for which the proceeds of the programme would be used”;

(c) for paragraph (9)(a) substitute—

“(a) contain a statement—

(i) in a case to which paragraph (7)(a) above applies, that the authority are in compliance with their obligations under the listing rules in respect of their listed debt securities and that, since the last publication in compliance with the listing rules of information about the authority, the authority, having made all reasonable enquiries, have not become aware of any change in their circumstances which could reasonably be regarded as significantly and adversely affecting their ability to meet their obligations in respect of sterling commercial paper or sterling medium term notes as the obligations fall due; or

(ii) in a case to which paragraph (7)(b) above applies, that the authority are in compliance with their obligations under Schedule 2 to these Regulations.”