21 Borrowing powers
(1) A National Park authority may_
(a) borrow from the Scottish Ministers, by way of temporary loan or otherwise,
(b) with the consent of the Scottish Ministers, borrow temporarily, by way of overdraft or otherwise, from persons other than the Scottish Ministers,
such sums as it may require for meeting its obligations and carrying out its functions.
(2) A consent under subsection (1)(b) may be granted subject to conditions.
(3) In any financial year the net amount of sums borrowed by an authority under this section must not exceed the amount specified for that year for the purposes of this section in a Budget Act.
(4) In subsection (3), "net amount" means the amount of sums borrowed in the financial year less any repayments made during that year (otherwise than by way of interest) in respect of sums borrowed in that or any other year.
(5) An authority may borrow money only under this section.
Explanatory Notes Section 21 Borrowing powers This section sets out the arrangements under which a National Park authority may borrow money. Under sub-section (1) a park authority may borrow money from The Scottish Ministers, or from someone else with The Scottish Ministers' consent (which may be granted with conditions). Sub-sections (3) and (4) require that the amounts borrowed in a year, net of any repayments (other than interest) must not be greater than the amount specified in a budget Act. Sub-section (5) makes clear that a National Park authority may only borrow money under the provisions set out in this section. |