Paragraph 4 The Local Government Reorganisation (Capital Money) (West Midlands) Order 1986 (S.I. 1986/2093)

in paragraph (2), for the words “each financial year commencing with the financial year beginning 1st April 1987” there shall be substituted “the financial years beginning 1st April 1987, 1st April 1988 and 1st April 1989”, and at the end of that paragraph there shall be added

“and for the purposes of Part IV of the Local Government and Housing Act 1989 the capital receipts of each charging authority for all subsequent financial years shall be treated as if they included an amount equal to—

(a)

the relevant proportion of the net capital residue,

less

(b)

the amount of the expenditure referred to in article 3(b).”; and

at the end of paragraph (3) there shall be added “and for the purposes of Part IV of the Local Government and Housing Act 1989 the reserved part of amounts to be included in the capital receipts of any charging authority shall be 50 per cent.”.