{
  "url": "https://openlegislation.uk/local-government-reorganisation-debt-administration-merseyside-order-1988/article-8",
  "json_url": "https://openlegislation.uk/local-government-reorganisation-debt-administration-merseyside-order-1988/article-8.json",
  "legislation": "uksi/1988/452",
  "legislation_title": "The Local Government Reorganisation (Debt Administration) (Merseyside) Order 1988",
  "legislation_url": "https://openlegislation.uk/local-government-reorganisation-debt-administration-merseyside-order-1988",
  "path": "article/8",
  "kind": "article",
  "number": "8",
  "heading": "Repayment of principal",
  "text": "(1) Subject to article 11 (early repayment), a relevant authority shall discharge its liability to the designated council in respect of its deemed borrowing by making repayments of principal to that council over a repayment period of 38 years commencing with the financial year beginning 1st April 1988.\n(2) The amount of principal which is to be repaid by a relevant authority in each financial year of the repayment period is 1/38th of the amount of its deemed borrowing.\n(3) The designated council shall pay into the fund—\n(a) all repayments of principal which it has received under paragraph (1);\n(b) amounts equal to the repayments of principal which it would be required to make if it were a relevant authority and its transferred debt were its deemed borrowing; and\n(c) any grant received from the Exchequer by virtue of article 4.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1988/452/article/8",
    "retrieved_at": "2026-10-29T16:10:10.541148+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}