Version Superseded: 01/04/2004
Point in time view as at 27/11/2003. This version of this provision has been superseded.
Local Government Act 2003, Section 2 is up to date with all changes known to be in force on or before 07 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(1)A local authority may not borrow money if doing so would result in a breach of—
(a)the limit for the time being determined by or for it under section 3, or
(b)any limit for the time being applicable to it under section 4.
(2)The Secretary of State may, in relation to specific borrowing by a particular local authority, by direction disapply subsection (1)(b), so far as relating to any limit for the time being applicable under section 4(1).
(3)A local authority may not, without the consent of the Treasury, borrow otherwise than in sterling.
(4)This section applies to borrowing under any power for the time being available to a local authority under any enactment, whenever passed.
Commencement Information
I1S. 2 in force at 27.11.2003 for W. for the purpose of and in relation to financial years beginning on or after 1.4.2004 by S.I. 2003/3034, art. 2, Sch. 1 Pt. I (with Sch. 2 para. 3)
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