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Paragraph 2

Original text. Later amendments are not shown.

The formula in the case of any relevant authority which is not a rating authority is—

AE

where—

  • A has the same meaning as in paragraph 1; and

  • E is the same proportion as that which the authority’s deemed borrowing which remains outstanding on the first day of the financial year in question bears to the aggregate of the designated council’s transferred debt and all the relevant authorities' deemed borrowing which remains outstanding on that day.