Statutory Instrument 1991 No. 551

The Local Authorities (Borrowing) (Amendment) Regulations 1991

(The document as of February, 2008)

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STATUTORY INSTRUMENTS

1991 No. 551

LOCAL GOVERNMENT, ENGLAND AND WALES

The Local Authorities (Borrowing) (Amendment) Regulations 1991

Made	11th March 1991

Laid before Parliament

11th March 1991

Coming into force

1st April 1991

The Secretary of State for the Environment, as respects England, and the Secretary of State for Wales, as respects Wales, in exercise of the powers conferred on them by sections 43(5) and 190 of the Local Government and Housing Act 1989^[1] and of all other powers enabling them in that behalf, with the consent of the Treasury, hereby make the following Regulations:

    1.    These Regulations may be cited as the Local Authorities (Borrowing) (Amendment) Regulations 1991 and shall come into force on 1st April 1991.

    2.    In these Regulations, "the principal Regulations" means the Local Authorities (Borrowing) Regulations 1990^[2].

    3.    Regulation 4(3)(a) of the principal Regulations is hereby amended by the substitution, for "the Schedule" of "Schedule 1".

    4.    Regulation 7 of the principal Regulations is hereby amended as follows—
 (a) for paragraph (7), substitute—
"  (7)  A local authority shall not issue sterling commercial paper or a sterling medium term note unless either—
(a) the authority have—
(i) issued debt securities some or all of which are included in the Official List of The Stock Exchange; and

(ii) complied with their obligations under the listing rules in respect of their listed debt securities and, since the last publication in compliance with the listing rules of information about the authority, the authority, having made all reasonable enquiries, have not become aware of any change in their circumstances which could reasonably be regarded as significantly and adversely affecting their ability to meet their obligations in respect of sterling commercial paper or sterling medium term notes as the obligations fall due; or

(b) in a case to which subparagraph (a)(i) above does not apply, the authority have complied with the requirements of Schedule 2 to these Regulations,

and in either case, the requirements of paragraph (8) below are complied with.";

 (b) in paragraph (8)—
 (i) in subparagraph (a), omit the words "and provided the Bank with a detailed description of the purposes for which the proceeds of the issue would be used"; and
 (ii) in subparagraph (b)(i) omit the words "and provided the Bank with a detailed description of the purposes for which the proceeds of the programme would be used";
 (c) for paragraph (9)(a) substitute—
"(a) contain a statement—
(i) in a case to which paragraph (7)(a) above applies, that the authority are in compliance with their obligations under the listing rules in respect of their listed debt securities and that, since the last publication in compliance with the listing rules of information about the authority, the authority, having made all reasonable enquiries, have not become aware of any change in their circumstances which could reasonably be regarded as significantly and adversely affecting their ability to meet their obligations in respect of sterling commercial paper or sterling medium term notes as the obligations fall due; or

(ii) in a case to which paragraph (7)(b) above applies, that the authority are in compliance with their obligations under Schedule 2 to these Regulations."

    5.    The principal Regulations are hereby amended—
 (a) by the substitution, for the heading of the Schedule, of "Schedule 1"; and
 (b) by the insertion, as Schedule 2, of the Schedule set out in the Schedule to these Regulations.

Michael Heseltine

Secretary of State for the Environment

28th February 1991

David Hunt

Secretary of State for Wales

7th March 1991
We consent,

Sydney Chapman

Irvine Patnick

Two of the Lords Commissioners of Her Majesty's Treasury

11th March 1991

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Notes:

[1] 1989 c. 42.

[2] S.I. 1990/767, amended by S.I. 1990/1091.

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