The London Government Reorganisation (Transfer of Loans) (Amendment) Order 1988

• Citation: S.I. 1988/1019
• Sections: 2

Section 1

This Order may be cited as the London Government Reorganisation (Transfer of Loans) (Amendment) Order 1988 and shall come into force on 11th July 1988.

Section 2

For article 4 of the London Government Reorganisation (Transfer of Loans) Order 1988 there shall be substituted–

(4)

(1) Paragraph 7 of Schedule 13 to the Local Government Act 1972 (accounting requirements) shall apply to the amount of the liability apportioned to each council by article 2(2) as if–

(a) that amount had been borrowed by that council to defray expenditure;

(b) that expenditure fell to be defrayed from the council’s Housing Revenue Account ; and

(c) the fixed period were a period of 33 years commencing with the financial year beginning 1st April 1988.

(2) Paragraph 8 of that Schedule (power to borrow during the fixed period for repaying loans) shall apply to the amount referred to in paragraph (1) above as if that amount were money borrowed by that council under paragraph 1(b) of that Schedule and the fixed period were the period mentioned in paragraph (1)(c) above.

(3) Paragraph 11 of that Schedule (security for loans) shall apply to the amount referred to in paragraph (1) as if that amount were money borrowed by that council.

(4) Paragraphs 12 and 13 of that Schedule (joint borrowing and loans between authorities) shall not be taken to authorise any council mentioned in Schedule 1 to this Order to borrow jointly with, or lend to, any other council so mentioned for the purpose for which that other council is empowered to borrow by virtue of paragraph (2) above.