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Local Government Finance Act (Northern Ireland) 2011
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“Credit arrangements”N.I.
This section has no associated Explanatory Notes
17—(1) For the purposes of this Part, a council shall be taken to have entered into a credit arrangement where—
(a)it enters into a transaction which gives rise to a liability on its part, and
(b)the liability is a qualifying liability.
(2) A transaction entered into by a council is to be taken for the purposes of subsection (1) as giving rise to a liability on the part of the council if—
(a)it falls in accordance with proper practices to be treated for the purposes of the council's accounts as giving rise to such a liability, or
(b)it falls in accordance with regulations to be treated as falling within paragraph (a).
(3) The reference in subsection (1)(b) to a qualifying liability is to any liability other than—
(a)a liability to repay money,
(b)a liability in respect of which the date for performance is less than 12 months after the date on which the transaction giving rise to the liability is entered into, and
(c)a prescribed liability.
Modifications etc. (not altering text)
C1Ss. 17-22 applied (with mods) (2.7.2013) by The Local Government (Statutory Transition Committees) Regulations (Northern Ireland) 2013 (S.R. 2013/179), regs. 1(1), 23, Sch. 3
Commencement Information
I1S. 17 wholly in operation at 1.4.2012; s. 17 not in operation at Royal Assent see s. 47(1); s. 17 in operation for certain purposes at 10.9.2011 otherwise 1.4.2012 by S.R. 2011/306, art. 2(1)(3), Sch.
I2S. 17 in operation at 1.4.2012 in so far as not already in operation by S.R. 2011/306, art. 2(3)
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