3 Duty to determine affordable borrowing limit
Local Government Act 2003 (2003 c 26) | Legislation

3  Duty to determine affordable borrowing limit

(1)     A local authority shall determine and keep under review how much money it can afford to borrow.

(2)     In the case of the following authorities, namely—

(a)     the Greater London Authority, and

(b)     a functional body,

the Mayor shall determine and keep under review how much money the authority can afford to borrow.

(3)     Before making any determination under subsection (2), the Mayor shall consult the London Assembly.

(4)

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