- Draft legislation
This is a draft item of legislation. This draft has since been made as a Scottish Statutory Instrument: The Local Authority (Capital Finance and Accounting) (Scotland) Regulations 2016 No. 123
5.—(1) A local authority may incur debt through borrowing by way of a credit arrangement for financing capital expenditure of the authority.
(2) The amount of external debt to be recognised by a local authority in respect of a credit arrangement is the liability that requires to be recognised as arising from the credit arrangement in accordance with proper accounting practices.
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