Local Government (Scotland) Act 1975

31 In this Schedule, unless the context otherwise requires—

• " advance ", in relation to the loans fund and a borrowing account of a local authority, means the transfer of money by way of loan from the loans fund to the appropriate borrowing account in exercise of a statutory borrowing power;

• " borrowing account ", in relation to a local authority, means an account of the authority relating to a purpose for which the authority have a statutory borrowing power ;

• " fixed period ", in relation to any sum advanced to a borrowing account or to a relevant authority, means such period not exceeding 30 years from the date of the advance as the local authority determine or such other period as the Secretary of State may determine in any particular case or for the purpose of any enactment;

• " loans fund " means the loans fund established under this Schedule ;

• " mortgage " means a deed containing an assignation by way of security of the funds, rates and revenues of a local authority ;

• " relevant authority " means any authority to whom a local authority may make a loan under paragraph 10 or 11 above ;

• " security ", in relation to a local authority, means a mortgage, a bond, a deposit receipt or other document of debt issued by the authority and the security created thereby (including stock created by the authority or a certificate in respect of such stock) by or under any enactment, but does not include a local bond issued under the [1966 c. 49.] Housing (Scotland) Act 1966 or any previous corresponding enactment or a heritable security or other deed of security or document of debt affecting the common good of an islands area or district ;

• " statutory borrowing power " means any power to borrow money conferred on a local authority by or under any enactment, but does not include the power of an islands or district council to borrow for the purposes of the common good;

• " trustee securities " means any security in which trustees are for the time being authorised by law to invest trust money.