# The Local Government Reorganisation (Debt Administration) (Merseyside) Order 1988, Article 9: Payment of interest


(1) Subject to article 11 (early repayment), in each financial year a relevant authority shall make payments to the designated council in respect of interest on its deemed borrowing in accordance with the formula specified in Schedule 2; and the designated council shall credit the fund with the amounts so paid.
(2) The designated council shall in each financial year pay into the fund an amount calculated in accordance with the formula specified in Schedule 2 by way of notional interest in respect of its transferred debt.

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Source: https://www.legislation.gov.uk/uksi/1988/452/article/9 (the official version)
Page: https://openlegislation.uk/local-government-reorganisation-debt-administration-merseyside-order-1988/article-9
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.