Article 6 Amount of deemed borrowing and designated council’s transferred debt

For the purpose of providing the designated council with revenues to discharge the liabilities specified in article 3(1) and (2), each relevant authority shall be deemed to have borrowed from that council on the transfer date the sum specified in Schedule 1 to this Order in relation to the authority in question, being a sum which reflects the obligations of that authority to the Residuary Body by virtue of the 1986 Order which are extinguished by this Order.

In the case of the designated council the sum so specified, being a sum which reflects that council’s obligations to the Residuary Body by virtue of the 1986 Order, which are extinguished by this Order, is hereinafter referred to as its transferred debt.