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Local Government Act 2003

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Changes over time for: Paragraph 2

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Point in time view as at 01/08/2009.

Changes to legislation:

Local Government Act 2003, Paragraph 2 is up to date with all changes known to be in force on or before 28 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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2(1)Subject to sub-paragraph (2), a local authority may borrow money—E+W

(a)for any purpose relevant to its functions under any enactment, or

(b)for the purposes of the prudent management of its financial affairs.

(2)A local authority may only borrow money (whether under sub-paragraph (1) or otherwise)—

(a)for a purpose or class of purpose approved for the purposes of this provision by the appropriate person, and

(b)in accordance with any conditions subject to which the approval is given.

(3)Sub-paragraph (2) does not apply—

(a)to borrowing by way of temporary loan or overdraft from a bank or otherwise of sums which a local authority may temporarily require—

(i)for the purpose of meeting expenses pending the receipt of revenues receivable by it in respect of the period of account in which the expenses are chargeable, or

(ii)for the purpose of meeting expenses intended to be met by means of borrowing in accordance with approval under sub-paragraph (2), or

(b)to borrowing for the purpose of repaying money borrowed in accordance with approval under sub-paragraph (2), where the new borrowing takes place during the fixed period relating to the existing borrowing.

(4)A local authority’s functions under this paragraph shall be discharged only by the authority.

Commencement Information

I1Sch. 1 para. 2 in force at 27.11.2003 for specified purposes for W. by S.I. 2003/3034, art. 2, Sch. 1 Pt. I

I2Sch. 1 para. 2 in force at 1.4.2004 for E. by S.I. 2003/2938, art. 7(b) (with art. 8, Sch.)

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