8(1)The Police Authority may borrow money, but only in accordance with this paragraph.E+W+S
(2)The approval of the Treasury is required for borrowing by the Police Authority.
(3)The Police Authority may borrow from the Secretary of State such sums in sterling as it may require for meeting its obligations and for carrying out its functions.
(4)The Police Authority may, with the consent of the Secretary of State, borrow temporarily by way of overdraft from persons other than the Secretary of State such sums in sterling as it may require for meeting its obligations and for carrying out its functions.
(5)The Police Authority must not borrow if the effect would be—
(a)to take the aggregate amount outstanding in respect of the principal of sums it has borrowed over its borrowing limit; or
(b)to increase the amount by which the aggregate amount so outstanding exceeds that limit.
(6)The Police Authority’s borrowing limit is £10 million.
(7)The Secretary of State may by order vary the Police Authority’s borrowing limit.
(8)The approval of the Treasury is required for the making of an order under sub-paragraph (7).
(9)An order under sub-paragraph (7) is subject to the negative resolution procedure.
Commencement Information
I1Sch. 10 para. 8 in force at 1.4.2005 by S.I. 2005/877, art. 2(1), Sch. 1