Search Legislation

Local Government Finance Act (Northern Ireland) 2011

 Help about what version

What Version

 Help about advanced features

Advanced Features

Changes over time for: Cross Heading: Borrowing

 Help about opening options

Alternative versions:

Status:

Point in time view as at 01/04/2012.

Changes to legislation:

There are currently no known outstanding effects for the Local Government Finance Act (Northern Ireland) 2011, Cross Heading: Borrowing. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

BorrowingN.I.

Power to borrowN.I.

11  A council may borrow money—

(a)for any purpose relevant to its functions under any statutory provision; or

(b)for the purposes of the prudent management of its financial affairs.

Commencement Information

I1S. 11 in operation at 1.4.2012 by S.R. 2011/306, art. 2(3)

Control of borrowingN.I.

12—(1) A council may not borrow money if doing so would result in a breach of—

(a)the limit determined by it under section 13, or

(b)any limit applicable to it under section 14.

(2) The Department may, in relation to specific borrowing by a particular council, by direction disapply subsection (1)(b), so far as relating to any limit applicable under section 14(1).

(3) A council may not, without the consent of the Department of Finance and Personnel, borrow otherwise than in sterling.

(4) This section applies to borrowing under any power available to a council under any statutory provision.

Commencement Information

I2S. 12 in operation at 1.4.2012 by S.R. 2011/306, art. 2(3)

Duty to determine affordable borrowing limitN.I.

13—(1) A council shall determine and keep under review how much money it can afford to borrow.

(2) Regulations may make provision about the performance of the duty under subsection (1).

(3) Regulations under subsection (2) may, in particular—

(a)make provision about—

(i)when a determination under subsection (1) is to be made,

(ii)how such a determination is to be made, and

(iii)the period for which such a determination is to be made;

(b)make provision about the monitoring of an amount determined under subsection (1);

(c)make provision about factors to which regard may be had in making a determination under subsection (1) or in monitoring an amount determined under that subsection.

(4) Regulations under subsection (2) may include provision requiring a council making a determination under subsection (1) to have regard to one or more specified codes of practice, whether issued by the Department or otherwise.

(5) A council's function under subsection (1) shall be discharged only by the council.

(6) The power under subsection (4) is not to be read as limited to the specification of an existing document.

Commencement Information

I3S. 13 wholly in operation at 1.4.2012; s. 13 not in operation at Royal Assent see s. 47(1); s. 13 in operation for certain purposes at 10.9.2011 and 1.11.2011 otherwise 1.4.2012 by S.R. 2011/306, art. 2, Sch.

I4S. 13 in operation at 1.4.2012 in so far as not already in operation by S.R. 2011/306, art. 2(3)

Imposition of borrowing limitsN.I.

14—(1) Regulations made with the consent of the Department of Finance and Personnel may for national economic reasons set limits in relation to the borrowing of money by councils.

(2) The Department may by direction set limits in relation to the borrowing of money by a particular council for the purpose of ensuring that the council does not borrow more than it can afford.

(3) A council subject to a limit set under subsection (1) may transfer any headroom it has in relation to the limit to another council subject to a corresponding limit.

(4) Regulations made with the consent of the Department of Finance and Personnel may make provision about the exercise of the right under subsection (3) and may, in particular, make provision about—

(a)the circumstances in which a council is to be regarded as having headroom for the purposes of subsection (3), and

(b)the amount of headroom which it has for those purposes.

(5) Where an amount is transferred under subsection (3), this Part shall have effect—

(a)in relation to the transferor, as if the limit in relation to which the headroom exists were reduced by that amount, and

(b)in relation to the transferee, as if the corresponding limit to which it is subject were increased by that amount.

Commencement Information

I5S. 14 in operation at 1.4.2012 by S.R. 2011/306, art. 2(3)

Temporary borrowingN.I.

15—(1) Subject to subsection (2), any limit for the time being determined by a council under section 13, or applicable to it under section 14, shall be treated for the purposes of this Part as increased by the amount of any payment which—

(a)is due to the council in the period to which the limit relates, but

(b)has not yet been received by it.

(2) In the case of a limit determined under section 13, or set under section 14(2), subsection (1) shall not apply to any payment whose delayed receipt was taken into account in arriving at the limit.

Commencement Information

I6S. 15 in operation at 1.4.2012 by S.R. 2011/306, art. 2(3)

Protection of lendersN.I.

16  A person lending money to a council shall not be bound to enquire whether the council has power to borrow the money and shall not be prejudiced by the absence of any such power.

Commencement Information

I7S. 16 in operation at 1.4.2012 by S.R. 2011/306, art. 2(3)

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.

Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

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

Close

Explanatory Notes

Text created by the Northern Ireland Assembly department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes accompany all Acts of the Northern Ireland Assembly.

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

Timeline of Changes

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

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 enacted 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