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Changes over time for: Section 8


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Version Superseded: 31/01/2024
Status:
Point in time view as at 15/07/2022. This version of this provision has been superseded.

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Changes to legislation:
Local Government Act 2003, Section 8 is up to date with all changes known to be in force on or before 05 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.

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8Control of credit arrangementsE+W
This section has no associated Explanatory Notes
(1)A local authority may not enter into, or vary, a credit arrangement 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)In applying those limits for the purposes of subsection (1)—
(a)entry into a credit arrangement shall be treated as the borrowing of an amount of money equal to the cost of the arrangement, and
(b)variation of a credit arrangement shall be treated as the borrowing of an amount of money equal to the cost of the variation.
(3)The Secretary of State may by regulations make provision about the calculation for the purposes of subsection (2) of the cost of a credit arrangement or a variation and may, in particular, make provision about the treatment of options.
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