Article 6 Financial arrangements
Immediately before the transfer date the Residuary Body shall set aside from the reserved amount of their direct capital receipts the sum of £19.067 millions.
On the transfer date, the Residuary Body shall pay that sum to the City; and the City shall credit –
the sum of £15 millions to the Hampstead Heath Trust Fund (“the Trust Fund”) which, subject to article 7, shall be applied for defraying expenditure on the management and maintenance of the Heath lands; and
the sum of £4.067 millions to the Hampstead Heath Works Fund which shall be applied for defraying expenditure on work of any of the descriptions specified in Schedule 1 on, or in connection with, the Heath lands.
For the purposes of this article –
“direct capital receipts” has the same meaning as in article 2(1) of the Local Government Reorganisation (Capital Money) (Greater London) Order 1988f1; and
“the reserved amount” means the sum of £70 millions referred to at the end of the definition of “R” in paragraph 2 of Schedule 3 to that Order.