5Borrowing powers
(1)After paragraph 11(2) of Schedule 13 to the [1972 c. 70.] Local Government Act 1972 (security for money borrowed by local authority) there shall be inserted—
“(2A)The reference in sub-paragraph (1) above to money borrowed by a local authority includes a reference to the interest for the time being payable in respect of that money.”
(2)The Greater London Council may, with the approval of the Secretary of State and in accordance with any conditions subject to which the approval is given, borrow money for any purpose other than the purposes mentioned in paragraph 29 of Schedule 2 to the [1963 c. 33.] London Government Act 1963 (capital expenditure and lending to other persons).
(3)Subsection (2) above is without prejudice to any borrowing powers of the Greater London Council existing apart from that subsection.