75(1)Section 122 (Mayor’s capital spending plan for each functional body) is amended as follows.E+W
(2)In subsection (3)(c), for “usable part of the body’s capital receipts is” there is substituted “ body’s capital receipts are ”.
(3)In subsection (4) (content of section B of the plan), for paragraphs (b) to (d) there is substituted—
“(b)the total of the amounts which the Mayor expects the body—
(i)to borrow in the year, or
(ii)to be treated as borrowing in the year because of section 8(2) of the Local Government Act 2003 (under which entry into, or variation of, a credit arrangement is treated as a form of borrowing).”
(4)In subsection (5) (content of section C of the plan)—
(a)in paragraph (a), for “expenditure for capital purposes” there is substituted “ capital expenditure ”, and
(b)for paragraph (b) there is substituted—
“(b)the total of the amounts which the Mayor expects the body to be treated as borrowing in the year because of section 8(2) of the Local Government Act 2003;”.
(5)In subsection (6) (content of section D of the plan), for paragraph (c) there is substituted—
“(c)the amount which he expects the body to meet by borrowing or entering into or varying credit arrangements;”.
Commencement Information
I1Sch. 7 para. 75 in force at 1.1.2004 by S.I. 2003/2938, art. 4(d)(i) (with art. 8, Sch.)