# The Education (London Residuary Body) (Transfer of Loans) Order 1992 S.I. 1992/501 · made 4 March 1992 This Order transfers to specified inner London borough councils part of the London Residuary Body’s liability to the Public Works Loan Board in respect of specified loans. Made under: Education Reform Act 1988 (Section 177, Section 187, Section 231, Section 232) ## Introductory text EDUCATION, ENGLAND AND WALES Made 4th March 1992 Laid before Parliament 10th March 1992 Coming into force 1st April 1992 Whereas the London Residuary Body, acting pursuant to section 187(2) of the Education Reform Act 1988, has submitted proposals to the Secretary of State for the transfer to the councils of inner London boroughs of certain of its rights and liabilities; And whereas the Secretary of State has decided to give effect to those proposals with modifications; Now, therefore, the Secretary of State, in exercise of the powers conferred on him by sections 177(2) and (3), 187(5) and (6), 231(2) and (3) and 232(5) of that Act, and of all other powers enabling him in that behalf, hereby makes the following Order: ## 1 Citation, commencement and interpretation (1) This Order may be cited as the Education (London Residuary Body) (Transfer of Loans) Order 1992 and shall come into force on 1st April 1992. (2) In this Order— “the appropriate percentage” means, in relation to a council listed in column (1) of Schedule 1 to this Order, the percentage specified opposite thereto in whichever of column (2), (3) or (4) of that Schedule is appropriate to the loan in question; and “the LRB” means the London Residuary Body. ## 2 Transfer of loans (1) On 1st April 1992 part of the liability of the LRB to the Public Works Loan Board in respect of the payment of interest and the repayment of principal outstanding immediately before that date attributable to the loans listed in Schedule 2 to this Order shall transfer to and fall to be discharged by the councils listed in Schedule 1 to this Order in the manner described in paragraphs (2) to (4) below. (2) Each council shall be liable for the repayment of the appropriate percentage of principal outstanding in relation to each loan. (3) Each council shall discharge that part of the liability apportioned to it at the time and in the manner applicable to the loan in question. (4) Each council shall pay to the Public Works Loan Board interest on that part of the liability which falls to be discharged by it at the rate and time and in the manner applicable to the loan in question. ## 3 Transfer of loans The rights of the LRB in respect of the loans referred to in article 2(1) above shall on 1st April 1992 vest jointly and severally in the LRB and in the councils there referred to. ## 4 Extinguishment of existing rights and liabilities, revocation and saving (1) Subject to paragraph (2) below, the rights and liabilities created by section 177(2) and (3) of the Education Reform Act 1988 and the Education (Inner London Education Authority) (Repayment of Loans) Order 1990 are extinguished and that Order is hereby revoked. (2) Paragraph (1) above shall not have effect in relation to rights and liabilities— (a) which accrued before 1st April 1992; and (b) in respect of payments which fall to be made on 30th September 1992 in accordance with article 6(3) of the said Order. ## Signature Kenneth Clarke Secretary of State for Education and Science 4th March 1992 ## Schedule 1 TRANSFER OF LOANS Inner London Borough Councils Appropriate Percentage (1) (2) (3) (4) Loans 1—28 Loan 29 Loans 30—31 Camden 6.3617224258 6.6689728926 7.6114171274 Greenwich 7.6089548446 7.9764425739 9.1036554803 Hackney 6.4203172338 6.7303976390 7.6815222806 Hammersmith and Fulham 5.8092570571 6.0898252466 6.9504256399 Islington 6.1189724897 6.4144989256 7.3209814722 Kensington and Chelsea 4.0514127007 4.2470827347 4.8472709050 Lambeth 8.4543942765 8.8627139759 10.1151727615 Lewisham 8.3874287761 8.7925142600 10.0350525798 Southwark 8.0944547128 8.4853905040 9.6845267861 Tower Hamlets 5.5330243748 5.8002514256 6.6199298985 Wandsworth 10.1201610670 10.6089318754 12.1081622430 Westminster 6.6212137350 6.9409967867 7.9218828257 ## Schedule 2 PUBLIC WORKS LOAN BOARD LOANS ILEA Loan No. Loan No. Outstanding balance (£) as at 31st March 1992 Rate % per annum Interest payable on stated day each month Final payment due on 1 460158 2,000,000.00 8.750 2 May and November 2 May 2001 2 460315 2,000,000.00 8.750 16 May and November 16 May 1994 3 460483 2,000,000.00 8.750 6 June and December 6 June 1994 4 460684 2,000,000.00 9.125 17 January and July 17 July 1992 5 460844 2,000,000.00 9.375 10 March and September 10 September 1993 7 461905 2,000,000.00 8.625 30 March and September 30 March 1993 11 462384 40,000,000.00 9.000 15 April and October 15 April 1992 12 462385 30,000,000.00 9.125 15 April and October 15 April 1994 13 462386 20,000,000.00 9.250 15 April and October 15 April 1996 14 462387 20,000,000.00 9.250 15 April and October 15 April 1998 15 462388 20,000,000.00 9.250 15 April and October 15 April 2000 16 462389 20,000,000.00 9.250 15 April and October 15 April 2002 17 462390 5,000,000.00 9.250 15 April and October 15 April 2007 18 463142 2,000,000.00 8.625 12 June and December 12 June 1992 19 463572 3,000,000.00 9.500 5 May and November 5 November 2012 20 463896 7,000,000.00 9.250 1 February and August 1 February 1993 22 464212 1,500,000.00 9.125 25 March and September 25 March 1994 23 464943 5,000,000.00 9.750 30 June and December 30 June 2003 24 464944 10,000,000.00 9.750 30 June and December 30 June 1992 25 464945 5,000,000.00 9.750 30 June and December 30 June 1993 26 465320 4,400,000.00 9.500 30 March and September 30 March 2014 27 466176 12,000,000.00 9.000 11 February and August 11 August 2014 28 466486 7,000,000.00 9.250 30 March and September 30 September 2014 29 467678 25,000,000.00 9.750 20 April and October 20 April 2015 30 468294 4,300,000.00 11.500 11 March and September 11 September 2015 31 468434 2,695,460.37 11.500 11 March and September 11 September 2015 255,895,460.37 ## Explanatory note (This note is not part of the Order) This Order transfers to specified inner London borough councils part of the London Residuary Body’s liability to the Public Works Loan Board in respect of specified loans. The Education (Inner London Education Authority) (Repayment of Loans) Order 1990, taken with section 177 of the Education Reform Act 1988, had provided that each inner London council (as therein defined) was deemed to have borrowed from the London Residuary Body (“the LRB”) a sum determined in accordance with that Order. Payments from the inner London councils were used by the LRB to discharge its liabilities to the Public Works Loans Board inherited from the Inner London Education Authority. Now that this Order provides for the transfer of certain of the LRB’s outstanding liabilities to the Board to the inner London borough councils that Order is no longer required and is revoked. --- Source: https://www.legislation.gov.uk/uksi/1992/501 (the official version) Page: https://openlegislation.uk/education-london-residuary-body-transfer-of-loans-order-1992 Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.