Article 4 Application of general provisions relating to borrowing

Subject to paragraph (2), paragraphs 2 to 8, 11 and 20 of Schedule 13 to the Local Government Act 1972^f11972 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.

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”.