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5. After regulation 118A(1) insert the following regulation:
“118B. Where an authority transfer some or all of their debt to another authority (“the transferee”), the credit ceiling of the transferee shall be increased by the amount of debt so transferred.”.
Regulation 118A was inserted by the Local Authorities (Capital Finance) (Amendment) (England) Regulations 2000 (S.I. 2000/1773).
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