80
CurrentLimit on borrowing
Part 8Financial Management
Division 2Borrowings
80 Limit on borrowing
Except with the approval of the Minister, a council may not borrow additional money for any purpose if the annual payments required to service the total borrowings would exceed 30% of its revenue of the preceding financial year.
Grants made to a council for specific purposes are to be excluded in calculating 30% of revenue of the council.
This Act’s bill:Explanatory notesSecond reading speech
Research tools for this sectionSubscription
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.