25(1)Notwithstanding anything in any enactment, a local authority may use, for any purpose for which the authority has a statutory borrowing power, any money forming part of, but not for the time being required for the purposes of, any fund of theirs to which this paragraph applies; and where any such money is so used the following provisions of this paragraph shall have effect.S
(2)The money so used shall be repaid to the said fund as follows:—
(a)it shall be repaid as and when it is required for the purposes of that fund;
(b)if not required to be repaid F1... under paragraph (a) above, it shall be repaid F2... as the authority may resolve.
(3)The statutory borrowing power shall be deemed to be exercised by the use of money under this paragraph as fully in all respects as if a loan of the same amount had been raised in exercise of the power.
(4)This paragraph applies to any fund established for the repayment of debt, or as a reserve, or for the maintenance, renewal or repair of property, or for superannuation of staff, or for insurance, or otherwise for meeting future expenditure of a capital or non-recurring nature, or for any like purpose.
(5)In this paragraph “statutory borrowing power” does not include the power to borrow by way of temporary loan or overdraft conferred by paragraph 3 above.
(6)The powers conferred by this paragraph are in addition to, and not in derogation of, the powers conferred by or under any other enactment.
Textual Amendments
F1Word in Sch. 3 para. 25(2)(b) repealed (1.4.2016) by The Local Authority (Capital Finance and Accounting) (Scotland) Regulations 2016 (S.S.I. 2016/123), regs. 1(1), 15(2)(b)(i)
F2Words in Sch. 3 para. 25(2)(b) repealed (1.4.2016) by The Local Authority (Capital Finance and Accounting) (Scotland) Regulations 2016 (S.S.I. 2016/123), regs. 1(1), 15(2)(b)(ii)