Statutory Instrument 1988 No. 1019

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

---

© Crown Copyright 1988

Statutory Instruments printed from this website are printed under the superintendence and authority of the Controller of HMSO being the Queen's Printer of Acts of Parliament.

The legislation contained on this web site is subject to Crown Copyright protection. It may be reproduced free of charge provided that it is reproduced accurately and that the source and copyright status of the material is made evident to users.

It should be noted that the right to reproduce the text of Statutory Instruments does not extend to the Queen's Printer imprints which should be removed from any copies of the Statutory Instrument which are issued or made available to the public. This includes reproduction of the Statutory Instrument on the Internet and on intranet sites. The Royal Arms may be reproduced only where they are an integral part of the original document.

The text of this Internet version of the Statutory Instrument which is published by the Queen's Printer of Acts of Parliament has been prepared to reflect the text as it was Made. A print version is also available and is published by The Stationery Office Limited as the The London Government Reorganisation (Transfer of Loans) (Amendment) Order 1988, ISBN 0110870190. The print version may be purchased by clicking here. Braille copies of this Statutory Instrument can also be purchased at the same price as the print edition by contacting TSO Customer Services on 0870 600 5522 or e-mail:customer.services@tso.co.uk.

Further information about the publication of legislation on this website can be found by referring to the Frequently Asked Questions.

To ensure fast access over slow connections, large documents have been segmented into "chunks". Where you see a "continue" button at the bottom of the page of text, this indicates that there is another chunk of text available.

1988 No. 1019

LOCAL GOVERNMENT, ENGLAND AND WALES LONDON GOVERNMENT

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

The Secretary of State for the Environment, in exercise of the powers conferred on him by section 67(3) of the Local Government Act 1985^[1] , and of all other powers enabling him in that behalf, hereby makes the following Order:

    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.

    2.    For article 4 of the London Government Reorganisation (Transfer of Loans) Order 1988^[2] there shall be substituted-
    "4.—(1)  Paragraph 7 of Schedule 13 to the Local Government Act 1972^[3] (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^[4] ; 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." .

Nicholas Ridley

Secretary of State for the Environment

9th June 1988

This Order amends the London Government Reorganisation (Transfer of Loans) Order 1988 (S.I. 1988/233;"the principal Order" ) by substituting a new article 4 (application of general provisions relating to borrowing).

The effect of the new article 4(1), (2) and (3) is to apply paragraphs 7, 8 and 11 of Schedule 13 to the Local Government Act 1972 (accounting requirements, power to borrow during the fixed period for repaying loans, and security for loans), with appropriate modifications, to the amount of the liability transferred to the councils listed in Schedule 1 to the principal Order. The new article 4(4) renders paragraphs 12 and 13 of Schedule 13 (joint borrowing and loans between authorities) inapplicable where the borrowing or lending is for a purpose for which the councils are empowered to borrow by virtue of the principal Order.

[1] 1985 c. 51. back

[2] S.I. 1988/233. back

[3] 1972 c. 70. back

[4] The account referred to in section 417 of the Housing Act 1985 (c. 68). back