Regulation 3 Interpretation of Part III

for the definition of “relevant amount” substitute the following definition—

““relevant amount”, in relation to a participant authority, means the aggregate of the amount of “K” determined in accordance with paragraph 5 of the Schedule to the Transfer of Property Regulations and the amount of “KK”, if any, determined in accordance with paragraph (5A) of that Schedule^f1;”; and

after the definition of “section 60” insert the following definition—

““usable PCL” means the aggregate of the amounts set aside as provision to meet credit liabilities which an abolished authority, if no order under section 17 of the Local Government Act 1992 had been made in relation to them, could have applied or transferred in accordance with regulations made under section 64(2) of the 1989 Act in the financial year beginning on the reorganisation date; and.”