The Local Authorities (Capital Finance) Regulations 1997

Interpretation

13.—(1) In this Part—

• “the authority”—

  (a)

  in relation to a lease, means the local authority who become the lessees under the lease;

  (b)

  in relation to a contract, credit arrangement or transaction, means the local authority who enter into the contract, the arrangement or the transaction; and

  (c)

  in relation to the variation of a credit arrangement, means the local authority who agree to the variation;

• “housing land” means any land, houses or other property which, if acquired by a local authority, would be land to which section 74(1) (duty to keep Housing Revenue Account) would apply;

• “new town corporation” has the same meaning as in section 172 (transfer of new town housing stock);

• “non-housing land” means any land other than housing land;

• “relevant value”, in relation to the land of which a local authority are to become the lessees, means the value of the lessor’s interest in the land as estimated by the authority before they become the lessees—

  (a)

  on the assumption that they will become lessees under the lease, and

  (b)

  according to the statement of practice on the valuation of property contained in the Appraisal and Valuation Manual published in September 1995 by the Royal Institution of Chartered Surveyors under ISBN number 0 85406 699 3(1); and

• “term”, in relation to a lease acquired by a local authority, means—

  (a)

  where the lease is granted to the authority, the period of the lease; and

  (b)

  where the lease is acquired by the authority otherwise than by a grant, the period of the lease which is unexpired on the date on which the authority become the lessees.

(2) For the purposes of this Part, any reference to a contract is a reference to a single contract or, where two or more contracts taken together constitute a credit arrangement, a reference to those contracts taken together.