Article 4 Repayment of principal

Subject to article 7 (early repayment), each inner London council shall discharge its liability to the LRB in respect of its deemed borrowing by making repayments of principal to the LRB over a repayment period of 25 years commencing with the financial year beginning on 1st April 1990.

The amount of principal which is to be repaid by each inner London council in each financial year of the repayment period shall be 1/25 th of the amount of its deemed borrowing.