8(1)Subject to any prescribed modifications, the credit ceiling of a local authority at 1st April 1990 (in this Schedule referred to as the authority’s “initial credit ceiling”) is the amount by which the aggregate of—E+W
(a)so much of any advances made before that date from a loans fund established by the authority under paragraph 15 of Schedule 13 to the M1Local Government Act 1972 as has not been repaid before that date,and
(b)the total cost of the authority’s transitional credit arrangements, as defined in section 52 of this Act, less such (if any) as may be excluded from this paragraph by regulations made by the Secretary of State,
exceeds the total of the receipts which the authority are required to bring into account under paragraph 9 below; and, if there is no such excess, the authority’s initial credit ceiling shall be nil or, as the case may be, a negative amount.
(2)In sub-paragraph (1) above “prescribed” means prescribed by regulations made by the Secretary of State.
Modifications etc. (not altering text)
C1Sch. 3 para. 8 applied (with modifications) (3.7.2000) by S.I. 2000/1474, art. 2
Marginal Citations