Part 8Development corporations
Finance
I1179Removal of limits on borrowing of urban development corporations and new town development corporations
1
In paragraph 8 of Schedule 31 to the Local Government, Planning and Land Act 1980 (aggregate limit on borrowing of urban development corporations)—
a
in sub-paragraph (1), after “sub-paragraph (2) below” insert “(save as excepted by sub-paragraph (2A))”
;
b
after sub-paragraph (2) insert—
2A
But no sum which is—
a
borrowed by, or issued in fulfilment of a guarantee of a debt of, a corporation for an urban development area in England, and
b
borrowed or issued on or after the date on which section 179 of the Levelling-up and Regeneration Act 2023 comes into force,
is to count for the purposes of sub-paragraph (2)(a) or (b).
2
In section 60 of the New Towns Act 1981 (aggregate limit on borrowing of new town development corporations)—
a
in subsection (1), after “sums” insert “(save as excepted by subsection (1A))”
;
b
after subsection (1) insert—
1A
No sum which—
a
is advanced to, or borrowed by, a development corporation established for the purposes of a new town in England, and
b
is advanced or borrowed on or after the date on which section 179 of the Levelling-up and Regeneration Act 2023 comes into force,
is to count for the purposes of subsection (1)(a) or (d).