Constitution of the Republic of South Africa, 1996 (Act No. 108 of 1996)
Chapter 13 – Finance
230A. Municipal loans
|1)||A Municipal Council may, in accordance with national legislation :|
|a)||raise loans for capital or current expenditure for the municipality, but loans for current expenditure may be raised only when necessary for bridging purposes during a fiscal year; and|
|b)||bind itself and a future Council in the exercise of its legislative and executive authority to secure loans or investments for the municipality.|
|2)||National legislation referred to in subsection (1) may be enacted only after any recommendations of the Financial and Fiscal Commission have been considered|
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