Article 11 CPI adjustment of borrowing limit

The Board shall adjust that sum mentioned in article 3(1) of the 1985 Order in line with any movement (calculated to 1 decimal place) in CPI which occurred during the year ended on 31st December immediately preceding the anniversary in question.

Any adjustment referred to in paragraph (1) above, shall be recorded in the next following annual statement of accounts prepared by the Authority.

In paragraph (1) above, “CPI” means the Consumer Price Index, being the main measure of inflation published in the monthly publication of the Office of National Statistics known as “Monthly Digest of Statistics”, or any successor from time to time of that index.