Councils can borrow funds under section 621 of the Local Government Act 1993. The intention to borrow must be outlined in the council's draft Operational Plan.
Councils must also apply to the Office of Local Government, completing a loan borrowing request issued in May each year.
If, during the year, Council is required to increase its proposed borrowings or change the purpose of the initial request, a council resolution must be passed prior to drawing down of any funds.
If there is an increase, Council must also notify the Office by re-submitting the electronic loan borrowing request form including the updated amounts.
Click on the link below for information about council loans.