Paragraph 6

for “subject to paragraph 3 below”, substitute “subject to paragraphs 3 and 3A below”; and

for “general rate fund”, substitute—

“(a)

in the case of a borough council, their general fund; and

(b)

in the case of Transport for London, the financial reserves for which provision is made under section 85(4)(c) of the Greater London Authority Act 1999 in calculating Transport for London’s component budget for the financial year in question”;

for “Each borough council”, substitute “Transport for London and each borough council”; and

for “the Secretary of State”, substitute “the Mayor of London”; and

in sub-paragraph (a), for “to the general rate fund”, substitute—

“(i)

in the case of a borough council, to their general fund; and

(ii)

in the case of Transport for London, to the financial reserves for which provision is made under section 85(4)(c) of the Greater London Authority Act 1999 in calculating Transport for London’s component budget for the financial year in question”;

after sub-paragraph (c) insert—

“(d)

meeting all or any part of the cost of the doing by the council or Transport for London in their area of anything—

(i)

which facilitates the implementation of the London transport strategy; and

(ii)

which is for the time being specified in that strategy as a purpose for which a surplus may be applied by virtue of this paragraph; and

(e)

making to any other London authority contributions towards the cost of the doing by that other authority of anything towards the doing of which in its own area the authority making the contribution has power—

(i)

to apply any surplus on the account required to be kept under paragraph 1 above; or

(ii)

to incur expenditure required to be brought into that account.”; and