Citation, commencement and application
1.—(1) These Regulations may be cited as the Combined Authorities (Borrowing) Regulations 2018.
(2) These Regulations come into force on the day after the day on which they are made.
(3) These Regulations apply in relation to the following authorities—
(a)the Cambridgeshire and Peterborough Combined Authority;
(b)the Greater Manchester Combined Authority;
(c)the Liverpool City Region Combined Authority;
(d)the Tees Valley Combined Authority;
(e)the West Midlands Combined Authority;
(f)the West of England Combined Authority(1).
Mayoral combined authorities who, on or before 14th February 2018 have entered into a debt agreement with Her Majesty’s Treasury, and whose constituent councils have given the consents required by section 23(6) of the 2003 Act. For the definition of “constituent council” see section 104(11) of the Local Democracy, Economic Development and Construction Act 2009 (c. 20). “Debt agreement” means an agreement between a combined authority and Her Majesty’s Treasury which provides for annual maximum limits on the long term external debt (borrowing for more than 12 months) into which the authority may enter.