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5. In regulation 30C(1)—
(a)for paragraph (1)(b) substitute—
“(b)as a consequence of such early repayment—
(i)the authority is required to pay a premium to the lender of the loan or is required, in accordance with proper practices, to account for an amount in respect of a premium as if it were required to pay such a premium; or
(ii)the lender of the loan gives the authority a discount on the loan or the authority is required, in accordance with proper practices, to account for an amount in respect of a discount as if the lender had given the authority such a discount; and”;
(b)in paragraph (6) for the words after “consecutively);” substitute—
““initial year” means the financial year in which the loan is repaid; and
“replacement loan” means any loan of money to the local authority some or all of which the authority treats, for accounting purposes, as a replacement for some or all of the loan referred to in sub-paragraph (a) of paragraph (1).”.
Regulation 30C was inserted by regulation 6 of S.I. 2007/573.
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