The Local Authorities (Capital Finance) (Amendment) Regulations 1997

• Citation: S.I. 1997/848
• Sections: 6

Section 1 Commencement and citation

These Regulations may be cited as the Local Authorities (Capital Finance) (Amendment) Regulations 1997 and shall come into force on 1st April 1997.

Section 2 Amendment of Regulations

The Local Authorities (Capital Finance) Regulations 1997 shall be amended in accordance with the following provisions of these Regulations.

Section 3 Meaning of private finance transaction

In regulation 16, in paragraph (2)—

(a) in sub-paragraph (a)(i), omit the words “for use” and “(“the relevant purpose”)”;

(b) in sub-paragraph (a)(ii) and sub-paragraph (d)(ii), omit the words “for the relevant purpose”; and

(c) substitute the following for sub-paragraph (e)—

(e) the first instalment of fees falls to be paid after the asset has started to be used;

Section 4 Transactions for the provision of a capital asset and services

In regulation 40—

(a) in paragraph (1), omit the words from “and” to the end; and

(b) in paragraph (2)(a) and paragraph (3)(b), omit the words “for the relevant purpose”.

Section 5 Capital receipts derived from disposals made to assist regeneration

In regulation 86—

(a) in the definition of “relevant land” in paragraph (1), for the words in sub-paragraph (a) from “or within a ward” to the end of that sub-paragraph substitute the words “or was situated within a ward which had a boundary adjoining the boundary of such a ward and which is in the same local authority area; or”; and

(b) after paragraph (1) insert the following paragraph—

(1A) For the purposes of the definition of “relevant land” in paragraph (1), two wards are in the same local authority area if the land which, before 1st April 1994, comprised the wards is in the area of a single local authority.

Section 6 Disposal of property under a private finance transaction

In regulation 112, substitute the following paragraph for paragraph (1)—

(1) In this regulation, “relevant arrangement” means a credit arrangement—

(a) which is a private finance transaction for the purposes of Part IV of these Regulations; and

(b) of which the initial cost falls to be determined under regulation 40, 41 or 42, or which is entered into in reliance on a supplementary credit approval which applies for the purposes of the transaction and for no other purposes.