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The Local Government Changes for England (Capital Finance) (Amendment) Regulations 1996

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Credit ceiling of designated authority

7.  In regulation 19—

(a)at the end of paragraph (1), add the following—

“and

(c)an amount equal to the total amount, if any, added to the usable receipts of the designated authority under regulation 11(2)(a) above with respect to usable PCL.;”

(b)after paragraph (1), insert the following paragraphs—

“(1A)Where in relation to an abolished authority there are two or more successor authorities, the credit ceiling of the designated authority shall be reduced on the relevant date by an amount equal to the aggregate of all amounts “KK”, if any, determined in relation to the designated authority and the participant authorities in accordance with paragraph 5A (“paragraph 5A”) of the Schedule to the Transfer of Property Regulations.

(1B)The credit ceiling of a relinquishing authority shall be increased on the relevant date by an amount equal to the aggregate of all amounts “KK”, if any, determined in relation to the relinquishing authority and the participant authorities in accordance with paragraph 5A.”; and

(c)at the end, add the following paragraph—

“(4)In this regulation, “relevant date”, “usable PCL” and “usable receipts” have the same meaning as in Part III of these Regulations.”

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