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3. (1) Any credit arrangement —
(a)within the meaning of section 48 of the Local Government and Housing Act 1989 (credit arrangements);
(b)in existence immediately before 1st April 2004; and
(c)which, if it had been entered into on 1st April 2004, would be a credit arrangement within the meaning of section 7 of the Act (“credit arrangements”),
shall be treated as if it were a credit arrangement for the purposes of Chapter 1 of Part 1 of the Act (capital finance etc.).
(2) The usable part of any capital receipt —
(a)within the meaning of section 60(2) of the Local Government and Housing Act 1989 (the usable balance of capital receipts); and
(b)which is not applied by the local authority in any financial year beginning before 1st April 2004,
is to be treated as if it were a capital receipt within the meaning of section 9 of the Act (“capital receipt”) for the purposes of Chapter 1 of Part 1 of the Act.
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Original (As Enacted or Made) - English:The original English language version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Original (As Enacted or Made) - Welsh:The original Welsh language version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
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