The Local Authorities (Borrowing) Regulations 1990

1.  The form of application shall state—

(a) the dates on which the authority are to make payments under the instrument or how such dates are to be ascertained;

(b) the amount of each of those payments or how that amount is to be calculated;

(c) either the annual percentage rates of interest applicable to the instrument or (if it is the case) that it is not practicable to calculate such rates;

(d) that, if the lender is an individual, he will not be liable to pay income tax at the basic rate in respect of any interest paid by the authority, but that he may be liable in respect of income tax at a higher rate;

(e) the means, if any, by which any rights of the lender under the instrument are transferable;

(f) the circumstances in which the authority are able to redeem the instrument other than at the request or under the instruction of the lender;

(g) that the instrument is to be issued in accordance with the Local Government and Housing Act 1989 and that, under the Act, all money borrowed by the authority, together with any interest thereon, is charged indifferently on all the revenues of the authority; and

(h) if the Secretary of State has designated the authority under Part VII of the Local Government Finance Act 1988 (limitation of charges etc.), or has notified the authority of a decision to designate them, as regards the financial year in which the instrument is to be issued, or any financial year in which payments fall to be made, that this is the case.