Article 3 Transfer of Greater London monies

(1)

On the transfer date the Residuary Body shall transfer to Bexley from balances held on its Greater London revenue account the sum of £500,000 (“the principal”).

(2)

The principal and the sum representing interest calculated as described in paragraph (3) (“the total sum”) and any sum recovered under article 4(4) shall be applied by Bexley only to defray relevant expenditure.

(3)

The sum representing interest shall be calculated on a day to day basis from the transfer date on an amount equal to the sum of—

(a)

the principal remaining on any day after deduction of—

(i)

any relevant expenditure incurred before that day, and

(ii)

any distribution under article 4(3) made before that day;

(b)

any interest compounded under this paragraph before that day;

(c)

any sum recovered under article 4(4) on or before that day;

at the average rate, and compounded on 1st April, 1st July, 1st October and 1st January in each financial year.