SCHEDULES
C3SCHEDULE 3 Provisions Supplementing Part IV
C2Part III Credit Ceiling
Sch. 3 Pt. III (paras. 8–14) modified by S.I.1990/432, reg. 24
Sch. 3 Pt. III (paras. 8-14) applied (with modifications) (3.7.2000) by S.I. 2000/1474, art. 2
C114
1
If, at any time on or after 1st April 1990, any debt of a local authority is reduced or extinguished by virtue of such a payment as is referred to insection 157(1)(b) of this Act, the authority’s credit ceiling shall at that time be reduced by an amount equal to the reduction in the debt or, as the case may be, to the amount of the extinguished debt (and, by virtue of this paragraph, the credit ceiling may, accordingly, be a negative amount).
2
If, at any time on or after 1st April 1990, a local authority are required under section 157(7)(b) of this Act to repay or pay any sum to the Secretary of State, the authority’s credit ceiling shall at the time that sum is repaid or paid be increased by an amount equal to that sum.
Sch. 3 applied (temp.) (with modifications) (4.5.1995) by S.I. 1995/1041, art. 2, Sch. para. 5
Sch. 3 applied (with modifications) (23.11.1995) by S.I. 1995/2803, art. 19(2), Sch. 7 Pt. II para. 5