Local Government (Development and Finance) (Scotland) Act 1964
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Change 1
7 Power to make advances for erection of buildings.
(1) Where a local authority are satisfied that it would be for the benefit or improvement of their area, they may, subject to the provisions of this section, advance money to any person for the purpose of enabling him either— (a) to acquire land; or (b) to erect any building or carry out any work on land. (2) An advance made under this section, together with interest thereon, shall be secured over the land in respect of which the advance is made. (3) The amount of the principal of an advance shall not exceed nine-tenths of— (a) where the advance is made under subsection (1)(a) above, the value of the land; or (b) where the advance is made under subsection (1)(b) above, the value which it is estimated will be the value of the land on the completion of the building, or as the case may be works, in respect of which the advance is made. (4) An advance made under this section shall carry interest at a rate not less than one quarter per cent. greater than the . . . rate fixed by the Treasury . . . in respect of loans to local authorities made on the date on which the terms of the advance are settled and for the same period as the advance, or at such other rate as the Secretary of State may, on the application of the local authority, fix. (5) An advance made under this section shall be repayable within a period not exceeding 30 years and either by instalments of principal or by an annuity of principal and interest combined. (6) The security for an advance made under this section shall be taken at the time of making or, in the case of an agreement to sell or let the land, at the time of the conveyance or of the lease.
7 Power to make advances for erection of buildings.
(1) Where a local authority are satisfied that it would be for the benefit or improvement of their area, they may, subject to the provisions of this section, advance money to any person for the purpose of enabling him either— (a) to acquire land; or (b) to erect any building or carry out any work on land. (2) An advance made under this section, together with interest thereon, shall be secured over the land in respect of which the advance is made. (3) The amount of the principal of an advance shall not exceed nine-tenths of— (a) where the advance is made under subsection (1)(a) above, the value of the land; or (b) where the advance is made under subsection (1)(b) above, the value which it is estimated will be the value of the land on the completion of the building, or as the case may be works, in respect of which the advance is made. (4) An advance made under this section shall carry interest at a rate not less than one quarter per cent. greater than the . . . rate fixed by the Treasury . . . in respect of loans to local authorities made on the date on which the terms of the advance are settled and for the same period as the advance, or at such other rate as the Secretary of State may, on the application of the local authority, fix. (5) An advance made under this section shall be repayable within a period not exceeding 30 years and either by instalments of principal or by an annuity of principal and interest combined. (6) The security for an advance made under this section shall be taken at the time of making or, in the case of an agreement to sell or let the land, at the time of the conveyance or of the lease.
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