SCHEDULES

SCHEDULE 3 Borrowing and Lending by Local Authorities and Certain other Bodies and Certain of their Funds

Borrowing

9 Two or more local authorities may combine to exercise their powers of borrowing under this Schedule jointly, and where they do so—

(a) any limit on the amount which each authority may borrow shall apply to the amount which each authority receive from the joint loan ;

(b) paragraph 8 above shall apply to the money so borrowed as if references to a local authority were references to the local authority by whom the money is received.