Search Legislation

The Local Authorities (Capital Finance) (Rate of Discount for 2003/2004) (Wales) Regulations 2003

What Version

 Help about what version

Opening Options

 Help about opening options

Status:

This is the original version (as it was originally made).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

Welsh Statutory Instruments

2003 No. 894 (W.114)

LOCAL GOVERNMENT, WALES

The Local Authorities (Capital Finance) (Rate of Discount for 2003/2004) (Wales) Regulations 2003

Made

26th March 2003

Coming into force

1st April 2003

The National Assembly for Wales makes the following Regulations in exercise of the power given to the Secretary of State by section 49(2) of the Local Government and Housing Act 1989(1) which is now vested in the National Assembly for Wales so far as exercisable in Wales(2):

Name, commencement and application

1.—(1) The name of these Regulations is the Local Authorities (Capital Finance) (Rate of Discount for 2003/2004) (Wales) Regulations 2003 and they shall come into force on 1st April 2003.

(2) These Regulations apply to Wales only.

Rate of discount

2.  The percentage rate of discount prescribed for the financial year beginning on 1st April 2003 for the purposes of defining “r” in section 49(2) of the Local Government and Housing Act 1989 is 6.5 per cent.

Signed on behalf of the National Assembly for Wales under section 66(1) of the Government of Wales Act 1998(3)

D. Elis-Thomas

The Presiding Officer of the National Assembly

26th March 2003

Explanatory Note

(This note is not part of the Regulations)

Part IV of the Local Government and Housing Act 1989 (“the 1989 Act”) makes provision for the capital finance of local authorities.

Section 49(2) of the 1989 Act sets out a formula for determining, for the purposes of Part IV of that Act, the value of the consideration falling to be given by an authority under a credit arrangement in any financial year after the year in which the arrangement comes into being.

The percentage rate of discount prescribed for the financial year in which the credit arrangement came into being is one of the factors referred to in that formula.

For the financial year beginning on 1st April 2003 these Regulations prescribe the said percentage rate of discount of 6.5 per cent which is 0.2 per cent less than the rate of discount prescribed for 2002/2003.

(2)

See article 2 of and Schedule 1 to the National Assembly for Wales (Transfer of Functions) Order 1999 (S.I. 1999/672).

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. The revised version is currently only available in English.

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.

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
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources