Part 3Grants etc
Chapter 2Other grants etc
I1I238F1Local loans
1
The Secretary of State may, if he thinks it appropriate, make payments to the F2Treasury, in respect of local loans made under section 3 of the National Loans Act 1968, so as to reduce or extinguish such debt (whether then due or not) of a local authority in England to F3the Treasury as he thinks fit.
2
The National Assembly for Wales may, if it thinks it appropriate, make payments to the F2Treasury, in respect of local loans made under section 3 of the National Loans Act 1968, so as to reduce or extinguish such debt (whether then due or not) of a local authority in Wales to F3the Treasury as the Assembly thinks fit.
3
The amount—
a
required to extinguish a debt, or
b
by which a payment reduces a debt,
shall be such as may be determined by F4the Treasury.
4
F5The Treasury may refuse to accept a payment which the Secretary of State or the National Assembly for Wales proposes to make to them under this section.
5
In this section “local authority” means—
a
in relation to England—
i
a district council,
ii
a county council that is the council for a county in which there are no district councils,
iii
a London borough council,
iv
the Common Council of the City of London, or
v
the Council of the Isles of Scilly; and
b
in relation to Wales, a county council or a county borough council.