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Local Government Finance Act 1988
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89Collection funds
(1)Every charging authority shall establish, and then maintain, a fund (to be called its collection fund) in accordance with this Part.
(2)An authority’s collection fund must be established on 1 April 1990.
(3)Section 101(1)(b) of the [1972 c. 70.] Local Government Act 1972 (delegation) shall not apply as regards the functions of an authority in relation to its collection fund.
(4)Any sum paid into an authority’s collection fund shall be used in settlement of payments which are to be met from that fund or of transfers which are to be made from it.
(5)If not immediately required for the purpose of settling those payments or transfers, the sum shall be held, invested or otherwise used in such manner as may be prescribed by regulations made by the Secretary of State.
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