Local Government Act 2003

38 [F1 Local loans] E+W

(1) The Secretary of State may, if he thinks it appropriate, make payments to the [F2 Treasury, in respect of local loans made under section 3 of the National Loans Act 1968,] so as to reduce or extinguish such debt (whether then due or not) of a local authority in England to [F3 the Treasury] as he thinks fit.

(2) The National Assembly for Wales may, if it thinks it appropriate, make payments to the [F2 Treasury, in respect of local loans made under section 3 of the National Loans Act 1968,] so as to reduce or extinguish such debt (whether then due or not) of a local authority in Wales to [F3 the Treasury] as the Assembly thinks fit.

(3) The amount—

(a) required to extinguish a debt, or

(b) by which a payment reduces a debt,

shall be such as may be determined by [F4 the Treasury].

(4) [F5 The Treasury] may refuse to accept a payment which the Secretary of State or the National Assembly for Wales proposes to make to them under this section.

(5) In this section “local authority” means—

(a) in relation to England—

(i) a district council,

(ii) a county council that is the council for a county in which there are no district councils,

(iii) a London borough council,

(iv) the Common Council of the City of London, or

(v) the Council of the Isles of Scilly; and

(b) in relation to Wales, a county council or a county borough council.

Textual Amendments

F1 S. 38 heading substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 82(2) (with art. 9)

F2 Words in s. 38 substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 82(3) (with art. 9)

F3 Words in s. 38 substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 82(4) (with art. 9)

F4 Words in s. 38(3) substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 82(5) (with art. 9)

F5 Words in s. 38(4) substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 82(6) (with art. 9)

Commencement Information

I1 S. 38 partly in force; s. 38 in force for E. at 18.11.2003 see s.128(2)(b)

I2 S. 38 in force at 27.11.2003 for W. by S.I. 2003/3034, art. 2, Sch. 1 Pt. I