2Control of borrowing
This section has no associated Explanatory Notes
(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.