(1) Domestic loans shall be authorized by decision of the deliberative organ, subject to the approval of the representative of the State. They shall be intended primarily for the financing of investments. The related decision shall fix the amount of the loan.
(2) Loans contracted from natural persons or corporate bodies having a direct or indirect link with the local authority shall be forbidden.
(3) External loans, authorized by decision of the deliberative organ, subject to the approval of the representative of the State, shall be guaranteed by the State.
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Transcription: Spot-checked
In force from 24-12-2019
Source page 93
The document's transcription was spot-checked against the supplied source; this does not confirm a line-by-line review of every provision.
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Section 399 of the Law No 2019/024 of 24 december 2019 bill to institute the general code of regional and local authorities/akn/cm/act/loi/2019-12-24/2019-024
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