Search Legislation

The Local Authorities (Capital Finance) Regulations 1997

 Help about what version

What Version

  • Latest available (Revised)
  • Original (As made)

More Resources

Status:

This is the original version (as it was originally made). This item of legislation is currently only available in its original format.

Use of amounts set aside—revenue expenditure

157.—(1) Subject to the condition specified in paragraph (3), where paragraph (2) applies to a local authority, an amount set aside may be applied by the authority under section 64(2)(a) to meet any expenditure which, in accordance with section 41, is to be charged to a revenue account of the authority.

(2) This paragraph applies to a local authority if, on the relevant date for any financial year, their credit ceiling, as determined under Part III of Schedule 3 to the Act, is a negative amount and if—

(a)any debt of the authority to the Public Works Loan Commissioners was reduced or extinguished by a commuted payment (within the meaning which that expression has in section 157) paid by the Secretary of State to the Commissioners in the financial year beginning on 1st April 1992; or

(b)the Secretary of State paid a commuted payment to the authority in that financial year.

(3) In applying an amount set aside as mentioned in paragraph (1), a local authority shall ensure that the total amount so applied in any financial year does not exceed the amount of the authority’s commutation adjustment for that year determined in accordance with Part II of Schedule 2 to these Regulations.

Back to top

Options/Help

Print Options

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

Opening Options

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

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