# The Local Government Reorganisation (Debt Administration) (Merseyside) Order 1988, Article 8: Repayment of principal


(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.
(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.
(3) The designated council shall pay into the fund—
(a) all repayments of principal which it has received under paragraph (1);
(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
(c) any grant received from the Exchequer by virtue of article 4.

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Source: https://www.legislation.gov.uk/uksi/1988/452/article/8 (the official version)
Page: https://openlegislation.uk/local-government-reorganisation-debt-administration-merseyside-order-1988/article-8
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.