Acts Online
GT Shield

Local Government: Municipal Finance Management Act, 2003 (Act No. 56 of 2003)

Chapter 6 : Debt

47. Conditions applying to both short-term and long-term debt


A municipality may incur debt only if—

(a) the debt is denominated in Rand and is not indexed to, or affected by fluctuations in the value of the Rand against any foreign currency: and
(b) section 48(3) has been complied with, if security is to be provided by the municipality.