The Audit Commission (Borrowing Limit) Order 2002

• Citation: S.I. 2002/743
• Sections: 2

Section 1 Citation and commencement

This Order may be cited as the Audit Commission (Borrowing Limit) Order 2002 and shall come into force on the day after the day on which it is made.

Section 2 Maximum borrowing limit

(1) The Secretary of State hereby specifies £12 million as the sum that the borrowed amount may not exceed.

(2) In paragraph (1) above, the “borrowed amount” means the aggregate amount outstanding in respect of the principal of any sums borrowed by the Commission under paragraph 9(1) of Schedule 1 to the Audit Commission Act 1998.