- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
6(1)A local authority may borrow by the issue of bills, payable within twelve months from the date of issue—
(a)any sum which they are authorised to borrow under a statutory borrowing power ; or
(b)such sums as may be required for the purpose of defraying expenses (including those payable by them to meet the expenses of other local authorities) pending the receipt of revenues receivable by them in respect of the year in which those expenses are chargeable.
(2)The aggregate of the amount outstanding on bills issued by a local authority under sub-paragraph (1) above shall not exceed—
(a)a sum equal to such proportion of the authority's estimated gross income from the regional, general, or district rate, as the case may be, during the current year as may be prescribed by an order made by the Treasury; or
(b)if no such proportion is so prescribed, a sum equal to one-fifth of the authority's estimated gross income as aforesaid.
(3)A local authority shall not borrow by the issue of bills in any year during which the authority's estimated gross income as aforesaid does not exceed £3 million or such other sum as may be prescribed by an order made by the Treasury.
(4)A statutory instrument containing an order under this paragraph shall be subject to annulment in pursuance of a resolution of either House of Parliament.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: