# The Local Authorities (Funds) (Wales) Regulations 1992, Regulation 12: Discharge of a relevant major precepting authority’s liabilities


(1) In relation to each financial year beginning in or after 1993 a relevant major precepting authority shall in accordance with paragraph (2) discharge its liability to pay anything to a billing authority in respect of so much of any deficit in that authority’s collection fund as, in accordance with regulation 11, that billing authority calculates must be borne by that major precepting authority as regards that year.
(2) Any amount so calculated as regards the financial year in question shall be paid by a relevant major precepting authority to a billing authority in no more than 12 equal instalments during that financial year, provided either–
(a) that each instalment shall become due on the last working day of a different month in the financial year, or
(b) that each instalment shall become due on the same working day of a different month in that financial year.

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Source: https://www.legislation.gov.uk/uksi/1992/2929/regulation/12 (the official version)
Page: https://openlegislation.uk/local-authorities-funds-wales-regulations-1992/regulation-12
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.