Article 3 Amendment of Capital Finance Regulations

The Local Authorities (Capital Finance) Regulations 1997^f1 shall be amended in accordance with the following provisions of this article.

After regulation 58A, insert the following regulation—

“Payments to the Metropolitan Police Authority

58B

A sum received by the Metropolitan Police Authority in respect of a repayment of principal to be made by it in relation to financial liabilities which, by virtue of a scheme made under section 409(2) of the Greater London Authority Act 1999, have been transferred to it, shall be a capital receipt.”.

After regulation 68A, insert the following regulation—

“Payments to the Metropolitan Police Authority

68B

The reserved part shall be 100 per cent. in the case of a sum which is a capital receipt by virtue of regulation 58B.”.

In regulation 116, after “1st April 1997” insert—

• “(or in the case of the Metropolitan Police Authority 3rd July 2000)”.

In regulation 125, add the following paragraph—

“(2)

The starting point for determining the Metropolitan Police Authority’s adjusted credit ceiling on 3rd July 2000 shall be £145,169,757.”.

After regulation 129, insert the following regulation—

“Amount set aside—the Metropolitan Police Authority

129A

In determining their adjusted credit ceiling at any time, the Metropolitan Police Authority shall disregard any reduction in their credit ceiling which results from the setting aside under section 59(1) of the reserved part of a capital receipt where the sum received is a capital receipt by virtue of regulation 58B.”.