Local Government Act 1985

75 Borrowing and lending

(1) Subject to the provisions of this section, a residuary body shall be treated as a local authority for the purposes of Part I of Schedule 13 to the principal Act (borrowing, lending and funds).

(2) In relation to a residuary body paragraph 5(2) and (3) of that Schedule (issue of bills limited by reference to income derived from rates) shall apply with the omission of the words " derived from rates " and with the omission in paragraph 5(2) of the words from " or, if no such proportion is so prescribed " onwards.

(3) In relation to a residuary body paragraph 8 of that Schedule (power to borrow during fixed period for repaying loans) shall apply with the substitution for the words " during the fixed period " of the words " during such period as may be determined by the Secretary of State " .

(4) Paragraphs 7, 9 and 15 to 19 of that Schedule shall not apply to a residuary body.