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Paragraph 1

Original text. Later amendments are not shown.

The formula mentioned in article 9 is in the case of the designated council and any relevant authority which is a rating authority—

AB-CD

where—

  • A is the aggregate of—

    1. (a)

      the interest payable for the financial year in question by the designated council out of the fund; and

    2. (b)

      the administrative expenses properly payable by that council for that year out of the fund,

    less any interest payable for that year into the fund otherwise than by virtue of article 9;

  • B is the same proportion as that which the council’s transferred debt or, as the case may be, the authority’s deemed borrowing, which remains outstanding on the first day of the financial year in question bears to the aggregate of the transferred debt and the deemed borrowing of all the relevant authorities outstanding on that day;

  • C is the amount of grant credited to the fund in that year in accordance with article 8(3)(c); and

  • D is the same proportion as that which the council’s transferred debt or, as the case may be, the authority’s deemed borrowing, which remains outstanding on the first day of the financial year in question bears to the aggregate of the transferred debt and the rating authorities' deemed borrowing which remains outstanding on that day.