A local authority shall determine and keep under review how much money it can afford to borrow.
In the case of the following authorities, namely—
the Mayor shall determine and keep under review how much money the authority can afford to borrow.
Before making any determination under subsection (2), the Mayor shall consult the London Assembly.
Before making a determination under subsection (2) for a functional body, the Mayor shall consult that body.
The Secretary of State may by regulations make provision about the performance of the duty under subsection (1) or (2).
Regulations under subsection (5) may, in particular—
Regulations under subsection (5) may include provision requiring a person making a determination under subsection (1) or (2) to have regard to one or more specified codes of practice, whether issued by the Secretary of State or another.
A local authority's function under subsection (1) shall be discharged only by the authority.
Section 38(1) of the Greater London Authority Act 1999 (c. 29) (delegation by Mayor) does not apply in relation to functions under subsection (2).
The power under subsection (7) is not to be read as limited to the specification of an existing document.
In this section—
"functional body" has the same meaning as in the Greater London Authority Act 1999 (c. 29);
"local authority" does not include the Greater London Authority or a functional body;
"Mayor" means Mayor of London.