The Local Authority (Capital Finance and Accounting) (Scotland) Regulations 2016 No. 123

PART 2 S Borrowing by local authorities

Borrowing by way of a credit arrangement S

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.

Commencement Information

I1 Reg. 5 in force at 1.4.2016, see reg. 1(1)