This Order may be cited as the Local Government Reorganisation (Wales) (Capital Finance) Order 1995 and shall come into force on 4th May 1995.

In this Order—

• “the 1989 Act” means the Local Government and Housing Act 19892;

• “the 1994 Act” means the Local Government (Wales) Act 1994;

• “new authority” means a county or county borough council established under the 1994 Act; and

• “the transitional period” means the period commencing on 4th May 1995 and ending on 31st March 1996.

Section 44(6) of the 1989 Act shall not apply to an agreement to borrow money entered into in contravention of section 51 of the 1994 Act.

In relation to the transitional period, the other provisions of Part IV of, and Schedule 3 to, the 1989 Act shall apply to a new authority with the modifications specified in the Schedule to this Order.

In relation to the transitional period, the Local Authorities (Capital Finance) Regulations 19903 shall apply to a new authority as if regulations 23, 24, 25 and 26 of, and Schedules 4 and 5 to, those Regulations were omitted.

Part II of the Schedule to the Local Authorities (Capital Finance) (Approved Investments) Regulations 19904 shall be amended by the insertion after “1. County councils.” of “1A. County borough councils.”.