Crown Entities (Financial Powers) Regulations 2005

12 Authority for school board to borrow

(1)

A school board may, in any calendar year, borrow any amount of money it thinks fit from any sources it thinks fit provided that the total annual cost to the board in repaying all outstanding borrowings (including both principal and interest repayments) is equal to or less than one-tenth of the value of the grants determined by the Minister of Education to be paid to the board for operational activities for that year.

(2)

A school board may borrow in accordance with subclause (1) without the consent of either the Minister of Finance or the Minister of Education.

Regulation 12 heading: amended, on 1 August 2020, by section 668 of the Education and Training Act 2020 (2020 No 38).

Regulation 12(1): amended, on 1 August 2020, by section 668 of the Education and Training Act 2020 (2020 No 38).

Regulation 12(2): amended, on 1 August 2020, by section 668 of the Education and Training Act 2020 (2020 No 38).