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Article 7 The metropolitan debt administration fund

Original text. Later amendments are not shown.

(1)

The designated council shall on the transfer date establish and thereafter operate a loans fund which shall be called “the metropolitan debt administration fund”.

(2)

The fund shall be used for—

(a)

defraying any expenditure which falls to be met by the designated council by virtue of this Order; and

(b)

the repayment or redemption of debt connected with the liabilities which fall to be discharged by that council by virtue of article 3(1) and (2).

(3)

For the purposes of paragraph (2)(a), “expenditure” includes the administrative expenses of the designated council which are properly incurred in the performance of the duties which are imposed on it by this Order.