Draft Order laid before the House of Commons under section 52(2) of the Audit Commission Act 1998, for approval by resolution of the House of Commons.
Draft Statutory Instruments
2002 No.
LOCAL GOVERNMENT, ENGLAND AND WALES
The Audit Commission (Borrowing Limit) Order 2002
Made
2002
Coming into force
2002
The Secretary of State for Transport, Local Government and the Regions, in exercise of the powers conferred on him by paragraph 9(2) of Schedule 1 to the Audit Commission Act 1998(1), hereby makes the following Order a draft of which has been laid before, and approved by a resolution of, the House of Commons.
Citation and commencement
1. This Order may be cited as the Audit Commission (Borrowing Limit) Order 2002 and shall come into force on the day after the day on which it is made.
Maximum borrowing limit
2.—(1) The Secretary of State hereby specifies £12 million as the sum that the borrowed amount may not exceed.
(2) In paragraph (1) above, the “borrowed amount” means the aggregate amount outstanding in respect of the principal of any sums borrowed by the Commission under paragraph 9(1) of Schedule 1 to the Audit Commission Act 1998.
Signed by authority of the Secretary of State for Transport, Local Government and the Regions
Parliamentary Under Secretary of State,
Department for Transport, Local Government and the Regions
2002
Explanatory Note
(This note is not part of the Order)
This Order relates to the Audit Commission’s borrowing limit. Paragraph 9(2) of Schedule 1 to the Audit Commission Act 1998 provides that the aggregate amount outstanding in respect of the principal of any of the sums borrowed by the Commission may not exceed £4 million. This Order increases that limit to £12 million.