Article Published on Wednesday September 23, 2020 8:48 AM by RADio Newsdesk
New Northants Unitary Authorities to spilt £520m NCC Debt
The two new unitary authorities in Northamptonshire have been told that they will inheriate the £520m debt of it’s predecessor, Northamptonshire County Council.
he outgoing autorities chief finance officer Barry Scarr says the debt, which is made up of government borrowing, market loans and the controversial Lender Option Borrower Option (LOBO) and which runs across the next 50 years, will be split across the two authorities according to how the assets they paid for are divided plus a further calculation according to equity and maturity dates.
“neither of the new unitaries will be advantaged or disadvantaged when the debt is divvied up.”– Barry Scarr, Northamptonshire County Council’s Chief Finance Officer