# The London Government Reorganisation (Transfer of Loans) Order 1988

S.I. 1988/233 · made 16 February 1988

This Order transfers to the district councils and London borough councils listed in Schedule 1 to the Order the rights and liabilities of the London Residuary Body in respect of the loans made by the Public Works Loan Board which are listed in Schedule 2. The transfer will take effect on 1st April 1988. The Residuary Body’s liability to the Board in respect of these loans is apportioned among the councils.

Made under: Local Government Act 1985 (Section 67)

PDFs: Printed copy https://openlegislation.uk/london-government-reorganisation-transfer-of-loans-order-1988/pdf/uksi_19880233_en.pdf

## Introductory text

LOCAL GOVERNMENT, ENGLAND AND WALES
LONDON GOVERNMENT
Made 16th February 1988
Laid before Parliament 24th February 1988
Coming into force 1st April 1988
Whereas the London Residuary Body, acting pursuant to section 67(1) of the Local Government Act 1985, has submitted proposals to the Secretary of State for the transfer to the councils of districts and London boroughs of certain of its rights and liabilities which are likely to subsist for longer than the period of five years beginning with 1st April 1986:
And whereas the Secretary of State has decided to give effect to those proposals with modifications:
Now, therefore, the Secretary of State, in exercise of the powers conferred on him by section 67(3) of that Act, and of all other powers enabling him in that behalf, hereby makes the following Order:

## 1 Citation, commencement and interpretation

(1) This Order may be cited as the London Government Reorganisation (Transfer of Loans) Order 1988 and shall come into force on 1st April 1988.
(2) In this Order —
“the appropriate percentage” means the percentage indicated in Schedule 1 to this Order in relation to the council in question;
“the Residuary Body” means the London Residuary Body.

## 2 Transfer of loans

(2) On 1st April 1988 the liability of the Residuary Body to the Public Works Loan Board in respect of the payment of interest and the repayment of principal outstanding immediately before that date attributable to the loans listed in Schedule 2 shall fall to be discharged by the councils listed in Schedule 1 in the manner described in paragraphs (2) to (4).
(2) Each council shall be liable for the repayment of the appropriate percentage of principal outstanding in relation to each loan.
(3) Each council shall discharge that part of the liability apportioned to it at the time and in the manner applicable to the loan in question.
(4) Each council shall pay to the Public Works Loan Board interest on that part of the liability which falls to be discharged by it at the rate and time and in the manner applicable to the loan in question.

## 3 Transfer of loans

The rights of the Residuary Body in respect of the loans referred to in article 2(1) shall on 1st April 1988 vest jointly and severally in the councils there referred to.

## 4 Application of general provisions relating to borrowing

(1) Subject to paragraph (2), paragraphs 2 to 8, 11 and 20 of Schedule 13 to the Local Government Act 19721972 c. 70. shall apply as if the amount of that part of the liability transferred to each council by this Order which is attributable to the repayment of the principal were money borrowed by that council under paragraph 1(b) of that Schedule.
(2) Paragraphs 7 and 8 of that Schedule (accounting requirements and power to borrow during the fixed period for repaying loans) shall apply to the amount referred to in paragraph (1) with the substitution for the words “the fixed period” of the words “the period of 33 years commencing with the financial year beginning 1st April 1988”.

## 5 Extinguishment of existing rights and liabilities, revocation and saving and other provisions

(1) Subject to paragraph (2), the rights and liabilities created by the provisions of the transfer orders mentioned in paragraph 3 of Part I of Schedule 2 to the Local Government Reorganisation (Greater London Council Transferred Housing and Nomination Rights) Order 1986 (“paragraph 3”) (provisions vesting in the Residuary Body the right to money which, but for the Local Government Act 1985, would have become due to the Greater London Council’s consolidated loans fund) and which were saved by article 3 of that Order shall cease to exist; and, subject as aforesaid, those provisions (which are listed in Schedule 3 to this Order) and paragraph 3 are revoked.
(2) Paragraph 3 shall continue to have effect in relation to a transferee authority’s liabilities and entitlements—
(a) which accrued before 1st April 1988; and
(b) in respect of payments or receipts which fall to be made or received on 30th September 1988 in accordance with paragraph 3(4)(d).

## Signature

Nicholas Ridley
Secretary of State for the Environment
16th February 1988

## Schedule 1 

LONDON BOROUGH COUNCILS
APPROPRIATE PERCENTAGE
Barking and Dagenham
0.998 949 747
Barnet
0.511 692 280
Bexley
0.118 679 980
Brent
0.256 884 118
Bromley
1.372 763 305
Camden
1.827 616 167
Croydon
0.304 363 092
Ealing
1.646 310 092
LONDON BOROUGH COUNCILS
APPROPRIATE PERCENTAGE
Enfield
0.719 762 975
Greenwich
4.693 427 107
Hackney
9.580 945 564
Hammersmith and Fulham
3.115 597 602
Haringey
1.363 710 291
Harrow
0.459 944 116
Havering
1.249 849 043
Hillingdon
0.041 638 406
Hounslow
1.025 947 611
Islington
8.266 820 865
Kensington and Chelsea
1.885 013 433
Kingston upon Thames
0.167 479 728
Lambeth
7.314 533 711
Lewisham
4.640 481 941
Merton
1.547 638 866
Newham
1.769 570 441
Redbridge
0.386 756 704
Richmond upon Thames
0.200 096 968
Southwark
9.700 456 227
Sutton
1.603 501 162
Tower Hamlets
7.777 554 536
Waltham Forest
0.527 241 128
Wandsworth
4.169 358 958
Westminster
2.671 850 917
DISTRICT COUNCILS
APPROPRIATE PERCENTAGE
Braintree
0.016 256 320
Brentwood
0.042 366 736
Broxbourne
0.587 908 792
Colchester
0.060 028 073
Dacorum
0.528 862 713
East Hertfordshire
0.492 484 109
Epping Forest
1.517 803 868
Hertsmere
1.060 886 291
Horsham
0.336 907 956
Mid-Sussex
0.308 049 955
North Hertfordshire
0.087 744 525
Reading
0.013 088 462
Reigate and Banstead
0.101 666 104
Rochester upon Medway
0.435 237 592
Rushmoor
0.587 041 890
Sevenoaks
0.145 934 255
Slough
0.424 149 650
South Bedfordshire
0.068 560 271
Spelthorpe
0.013 630 822
Tandridge
0.082 471 172
Three Rivers
0.287 999 798
Thurrock
0.629 886 103
Waverley
0.027 695 157
Windsor and Maidenhead
0.023 279 964
Woking
0.099 716 854
Wokingham
0.103 905 487

## Schedule 2: PUBLIC WORKS LOAN BOARD LOANS

## 1 

Loans payable by equal instalments of principal.
Loan No.
Outstanding balance (£) as at 1st April 1988
Rate % per annum
Principal and interest payable on 25th day of
Final payment due on 25th day of
355222
3,784,934.00
3.000
March, September
September 1994
428205
3,300,000.00
9.500
February, August
February 1998
430598
12,343,750.00
12.000
February, August
August 1989
438251
5,000,000.00
12.125
February, August
August 1990
438420
4,999,999.00
12.875
February, August
August 1990
439139
4,999,999.00
11.375
February, August
February 1991
445854
1,500,000.00
12.625
June, December
June 1989
445972
1,650,000.00
12.250
June, December
June 1989
446218
4,285,714.00
12.750
March, September
September 1989
446349
8,571,428.00
12.500
March, September
September 1989
449574
9,193,548.00
14.000
May, November
May 1997
452787
14,666,666.00
11.625
March, September
September 1993
454337
7,894,736.00
11.000
March, September
September 1995
454471
17,307,692.00
11.000
April, October
April 2010
454498
16,923,076.00
11.000
March, September
March 2010
454555
17,307,692.00
11.500
May, November
May 2010
454556
17,307,692.00
11.500
June, December
June 2010
454922
19,444,444.00
11.750
March, September
March 1995
455508
16,666,666.00
12.125
February, August
February 1989
457500
40,000,000.00
10.750
March, September
March 1996
458425
48,000,000.00
10.125
March, September
March 1996
458660
48,000,000.00
10.125
March, September
March 1996
458775
48,000,000.00
10.000
March, September
March 1996
459049
34,482,758.00
9.500
March, September
September 2000
460574
12,000,000.00
8.875
February, August
February 1991
460575
26,060,606.00
8.875
March, September
March 1992
460671
20,000,000.00
9.250
March, September
March 1990
460751
37,500,000.00
9.625
March, September
March 1994
460762
37,500,000.00
9.625
March, September
March 1994
460783
15,000,000.00
9.500
March, September
March 1994

## 2 

Loans payable by annuity.
Loan No.
Outstanding balance (£) as at 1st April 1988
Rate % per annum
Principal and interest payable on 25th day of
Final payment due on 25th day of
355252
8,042,950.00
3.750
March, September
September 2011
355253
24,709,913.00
4.250
March, September
September 2011
355272
13,978,929.00
4.000
March, September
September 2013
367901
6,514,459.00
5.750
March, September
September 1993
355225
18,370,597.00
3.000
March, September
September 2009

## 3 

Loans payable at maturity
Loan No.
Outstanding balance (£) as at 1st April 1988
Rate % per annum
Interest payable on 25th day of
Final payment due on 25th day of
445644
20,000,000.00
11.500
April, October
April 1989
446508
35,000,000.00
13.625
June, December
December 1989
449602
20,000,000.00
13.750
June, December
June 1992
449947
20,000,000.00
12.500
January, July
July 1989
450369
25,000,000.00
11.125
February, August
August 1989
450732
25,000,000.00
10.500
April, October
October 1994
451014
75,000,000.00
10.625
January, July
January 1995
452392
20,000,000.00
10.750
May, November
November 1993
452623
20,000,000.00
10.500
April, October
October 1993
452724
20,000,000.00
10.875
June, December
December 1993
460456
20,000,000.00
8.750
May, November
May 1994
454921
25,000,000.00
11.000
February, August
February 1995
455212
40,000,000.00
10.625
May, November
May 1995
456106
20,000,000.00
11.500
May, November
May 1990
456292
20,000,000.00
11.375
June, December
June 1990
456293
20,000,000.00
11.000
June, December
December 1995
456675
50,000,000.00
10.375
January, July
January 2001
456916
50,000,000.00
10.625
January, July
January 1996
457640
50,000,000.00
10.500
April, October
April 1997
457792
50,000,000.00
10.375
May, November
May 2001
457887
50,000,000.00
10.625
June, December
June 2001
459896
70,000,000.00
8.375
March, September
March 1992
460501
50,000,000.00
8.750
April, October
April 1993
460509
40,000,000.00
8.875
March, September
March 1994
460395
20,000,000.00
8.875
April, October
April 1994
463025
50,000,000.00
8.875
May, November
May 1994
463398
4,273,132.00
10.500
January, July
July 1991
463862
76,752,726.00
Variable at monthly intervals
each month
March 1995

## Schedule 3 REVOCATIONS

Orders revoked
References
Extent of revocation
The London Authorities (Transfer of Housing Estates etc.) Order 1971.
S.I. 1971/231.
Article 8 and paragraph 10 of Part I of Schedule 1.
The London Authorities (Transfer of Housing Estates etc.) (No. 1) Order 1972.
S.I. 1972/171.
Paragraph 1 of Part I of Schedule 1.
The London Authorities (Transfer of Housing Estates etc.) (No.2) Order 1972.
S.I. 1972/172.
Article 8 and paragraph 10 of Part I of Schedule 1.
The London Authorities (Transfer of Housing Estates etc.) (No.3) Order 1972.
S.I. 1972/173.
Article 8 and paragraph 10 of Part I of the Schedule.
The London Authorities (Transfer of Housing Estates etc.) Order 1973.
S.I. 1973/417.
Paragraph 7 of Part I of Schedule 1 and paragraph 1 of Part I of Schedule 2.
The Greater London Council (Transfer of Land and Housing Accommodation) Order 1980.
S.I. 1980/320.
Articles 19 and 20 and paragraph 3(3) of Parts I and II of Schedule 2.
The Greater London Council (Transfer of Land and Housing Accommodation) Order 1981.
S.I. 1981/289.
Articles 18 and 19(1) and paragraph 2(1) of Schedule 1.
The Greater London Council (Transfer of Land and Housing Accommodation) (No. 2) Order 1981.
S.I. 1981/536
Article 20.
The Greater London Council (Transfer of Land and Housing Accommodation) (No. 3) Order 1981.
S.I. 1981/644.
Articles 18 and 19(1) and paragraph 2(1) of Schedule 1.
The Greater London Council (Transfer of Land and Housing Accommodation) Order 1982.
S.I. 1982/301.
Articles 15 and 16 and paragraph 2(1) of Schedule 1.
The Greater London Council (Transfer of Land and Housing Accommodation) Order 1983.
S.I. 1983/250.
Articles 12 and 13 and paragraph 2(1) of Schedule 1.
The Local Government Reorganisation (Greater London Council Transferred Housing and Nomination Rights) Order 1986.
S.I. 1986/442
Paragraph 3 of Part I of Schedule 2.

## Explanatory note

(This note is not part of the Order)
This Order transfers to the district councils and London borough councils listed in Schedule 1 to the Order the rights and liabilities of the London Residuary Body in respect of the loans made by the Public Works Loan Board which are listed in Schedule 2. The transfer will take effect on 1st April 1988. The Residuary Body’s liability to the Board in respect of these loans is apportioned among the councils.
As a consequence of the transfer, the liabilities of the transferee authorities to the Residuary Body under S.I. 1986/442 (which vested in that Body the rights of the Greater London Council to payments in respect of housing accommodation transferred by the Council to the councils) are extinguished subject to certain transitional savings (article 5).
The district and London borough councils are required by this Order to make repayments of principal and payments of interest to the Public Works Loans Board on the terms that were applicable to the Residuary Body. They are permitted to borrow over the period of 33 years from 1st April 1988 for the purpose of making the repayments of principal.

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Source: https://www.legislation.gov.uk/uksi/1988/233 (the official version)
Page: https://openlegislation.uk/london-government-reorganisation-transfer-of-loans-order-1988
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.