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CHAPTER IV |
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REVENUE ACCOUNTS AND CAPITAL FINANCE |
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Application of Part IV of Local Government and Housing Act 1989 |
| Part IV of 1989 Act to apply to Authority and functional bodies. |
97. - (1) Section 39 of the Local Government and Housing Act 1989 (application of Part IV) shall be amended as follows.
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(2) In subsection (1) (which specifies the authorities with respect to whose finances the Part applies) after paragraph (b) there shall be inserted-
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"(bb) the Greater London Authority; |
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(bc) a functional body, within the meaning of the Greater London Authority Act 1999;". |
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(3) In consequence of the amendment made by subsection (2) above, in subsection (1) the paragraph (bb) inserted after paragraph (a) by paragraph 88 of Schedule 16 to the Local Government (Wales) Act 1994 (county borough council) shall become paragraph (aa).
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(4) In subsection (3) (bodies which may be prescribed by regulations under subsection (1)(k)) at the end of paragraph (c) there shall be inserted "or".
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Credit approvals |
| Provisions to be in place of sections 53 to 55 of 1989 Act. |
98. - (1) Sections 53 to 55 of the Local Government and Housing Act 1989 (basic and supplementary credit approvals and the criteria for issuing them) shall not apply in relation to the Authority or any of the functional bodies.
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(2) Sections 99 to 103 below shall apply in relation to the Authority and the functional bodies in place of the provisions mentioned in subsection (1) above.
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| Aggregate credit approval for Authority and functional bodies. |
99. - (1) Before the beginning of each financial year the Secretary of State shall issue to the Mayor, in the form of a notice in writing, a credit approval with respect to the credit arrangements and expenditure for capital purposes during that year of the Authority and each of the functional bodies.
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(2) The Secretary of State shall send to each of the functional bodies a copy of any credit approval issued under this section.
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(3) A credit approval issued under this section (an "aggregate credit approval") may be nil but, subject to that, shall consist of such number of specified amounts of money, for such authorities or purposes, as the Secretary of State may determine.
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(4) Each amount so determined and specified by the Secretary of State must be an amount of a category described in subsection (5) below.
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(5) For the purposes of this Chapter-
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(a) a category A amount is an amount for a specified authority with respect to the authority's credit arrangements and expenditure for capital purposes during the financial year for which the approval is given; |
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(b) a category B amount is an amount for a specified authority with respect to the authority's credit arrangements and expenditure for capital purposes of one or more specified descriptions during that year; |
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(c) a category C amount is an amount with respect to credit arrangements and expenditure for capital purposes during that year for allocation by the Mayor to such one or more of the authorities, and in such proportions, as he may see fit, and for such purposes consisting of or comprised within those purposes as he may state in the notice of an allocation; |
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(d) a category D amount is an amount with respect to credit arrangements and expenditure for capital purposes of one or more specified descriptions during that year for allocation by the Mayor to such one or more of the authorities, and in such proportions, as he may see fit, and for such purposes consisting of or comprised within those purposes as he may state in the notice of an allocation. |
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(6) In this section-
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"authority" means the Authority or any of the functional bodies; |
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"specified" means specified by the Secretary of State in the approval. |
| Additional credit approval. |
100. - (1) Any Minister of the Crown may at any time issue to the Mayor, in the form of a notice in writing, a credit approval with respect to credit arrangements and expenditure for capital purposes.
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(2) A credit approval issued under this section (an "additional credit approval") shall have effect for such period as is specified in the approval.
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(3) Where an additional credit approval is issued not more than six months after the end of a financial year, the period specified under subsection (2) above may be one which begins, or begins and ends, at any time during that financial year.
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(4) Subsections (2) to (6) of section 99 above shall apply in relation to an additional credit approval as they apply in relation to an aggregate credit approval, but taking-
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(a) any reference to the Secretary of State as a reference to the Minister of the Crown issuing the approval, and |
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(b) any reference to the financial year for which the approval is given as a reference to the period for which the approval has effect. |
