1992 No. 501
The Education (London Residuary Body) (Transfer of Loans) Order 1992
Made
Laid before Parliament
Coming into force
1st April 1992
Whereas the London Residuary Body, acting pursuant to section 187(2) of the Education Reform Act 19881, has submitted proposals to the Secretary of State for the transfer to the councils of inner London boroughs of certain of its rights and liabilities;
And whereas the Secretary of State has decided to give effect to those proposals with modifications;
Now, therefore, the Secretary of State, in exercise of the powers conferred on him by sections 177(2) and (3), 187(5) and (6), 231(2) and (3) and 232(5) of that Act, and of all other powers enabling him in that behalf, hereby makes the following Order:
Citation, commencement and interpretation1
1
This Order may be cited as the Education (London Residuary Body) (Transfer of Loans) Order 1992 and shall come into force on 1st April 1992.
2
In this Order—
“the appropriate percentage” means, in relation to a council listed in column (1) of Schedule 1 to this Order, the percentage specified opposite thereto in whichever of column (2), (3) or (4) of that Schedule is appropriate to the loan in question; and
“the LRB” means the London Residuary Body.
Transfer of loans
2
1
On 1st April 1992 part of the liability of the LRB to the Public Works Loan Board in respect of the payment of interest and the repayment of principal outstanding immediately before that date attributable to the loans listed in Schedule 2 to this Order shall transfer to and fall to be discharged by the councils listed in Schedule 1 to this Order in the manner described in paragraphs (2) to (4) below.
2
Each council shall be liable for the repayment of the appropriate percentage of principal outstanding in relation to each loan.
3
Each council shall discharge that part of the liability apportioned to it at the time and in the manner applicable to the loan in question.
4
Each council shall pay to the Public Works Loan Board interest on that part of the liability which falls to be discharged by it at the rate and time and in the manner applicable to the loan in question.
3
The rights of the LRB in respect of the loans referred to in article 2(1) above shall on 1st April 1992 vest jointly and severally in the LRB and in the councils there referred to.
Extinguishment of existing rights and liabilities, revocation and saving4
1
Subject to paragraph (2) below, the rights and liabilities created by section 177(2) and (3) of the Education Reform Act 1988 and the Education (Inner London Education Authority) (Repayment of Loans) Order 19902 are extinguished and that Order is hereby revoked.
2
Paragraph (1) above shall not have effect in relation to rights and liabilities—
a
which accrued before 1st April 1992; and
b
in respect of payments which fall to be made on 30th September 1992 in accordance with article 6(3) of the said Order.
SCHEDULE 1TRANSFER OF LOANS
Inner London Borough Councils | Appropriate Percentage | ||
|---|---|---|---|
(1) | (2) | (3) | (4) |
Loans 1—28 | Loan 29 | Loans 30—31 | |
Camden | 6.3617224258 | 6.6689728926 | 7.6114171274 |
Greenwich | 7.6089548446 | 7.9764425739 | 9.1036554803 |
Hackney | 6.4203172338 | 6.7303976390 | 7.6815222806 |
Hammersmith and Fulham | 5.8092570571 | 6.0898252466 | 6.9504256399 |
Islington | 6.1189724897 | 6.4144989256 | 7.3209814722 |
Kensington and Chelsea | 4.0514127007 | 4.2470827347 | 4.8472709050 |
Lambeth | 8.4543942765 | 8.8627139759 | 10.1151727615 |
Lewisham | 8.3874287761 | 8.7925142600 | 10.0350525798 |
Southwark | 8.0944547128 | 8.4853905040 | 9.6845267861 |
Tower Hamlets | 5.5330243748 | 5.8002514256 | 6.6199298985 |
Wandsworth | 10.1201610670 | 10.6089318754 | 12.1081622430 |
Westminster | 6.6212137350 | 6.9409967867 | 7.9218828257 |
SCHEDULE 2PUBLIC WORKS LOAN BOARD LOANS
ILEA Loan No. | Loan No. | Outstanding balance (£) as at 31st March 1992 | Rate % per annum | Interest payable on stated day each month | Final payment due on | |
|---|---|---|---|---|---|---|
1 | 460158 | 2,000,000.00 | 8.750 | 2 May and November | 2 May | 2001 |
2 | 460315 | 2,000,000.00 | 8.750 | 16 May and November | 16 May | 1994 |
3 | 460483 | 2,000,000.00 | 8.750 | 6 June and December | 6 June | 1994 |
4 | 460684 | 2,000,000.00 | 9.125 | 17 January and July | 17 July | 1992 |
5 | 460844 | 2,000,000.00 | 9.375 | 10 March and September | 10 September | 1993 |
7 | 461905 | 2,000,000.00 | 8.625 | 30 March and September | 30 March | 1993 |
11 | 462384 | 40,000,000.00 | 9.000 | 15 April and October | 15 April | 1992 |
12 | 462385 | 30,000,000.00 | 9.125 | 15 April and October | 15 April | 1994 |
13 | 462386 | 20,000,000.00 | 9.250 | 15 April and October | 15 April | 1996 |
14 | 462387 | 20,000,000.00 | 9.250 | 15 April and October | 15 April | 1998 |
15 | 462388 | 20,000,000.00 | 9.250 | 15 April and October | 15 April | 2000 |
16 | 462389 | 20,000,000.00 | 9.250 | 15 April and October | 15 April | 2002 |
17 | 462390 | 5,000,000.00 | 9.250 | 15 April and October | 15 April | 2007 |
18 | 463142 | 2,000,000.00 | 8.625 | 12 June and December | 12 June | 1992 |
19 | 463572 | 3,000,000.00 | 9.500 | 5 May and November | 5 November | 2012 |
20 | 463896 | 7,000,000.00 | 9.250 | 1 February and August | 1 February | 1993 |
22 | 464212 | 1,500,000.00 | 9.125 | 25 March and September | 25 March | 1994 |
23 | 464943 | 5,000,000.00 | 9.750 | 30 June and December | 30 June | 2003 |
24 | 464944 | 10,000,000.00 | 9.750 | 30 June and December | 30 June | 1992 |
25 | 464945 | 5,000,000.00 | 9.750 | 30 June and December | 30 June | 1993 |
26 | 465320 | 4,400,000.00 | 9.500 | 30 March and September | 30 March | 2014 |
27 | 466176 | 12,000,000.00 | 9.000 | 11 February and August | 11 August | 2014 |
28 | 466486 | 7,000,000.00 | 9.250 | 30 March and September | 30 September | 2014 |
29 | 467678 | 25,000,000.00 | 9.750 | 20 April and October | 20 April | 2015 |
30 | 468294 | 4,300,000.00 | 11.500 | 11 March and September | 11 September | 2015 |
31 | 468434 | 2,695,460.37 | 11.500 | 11 March and September | 11 September | 2015 |
255,895,460.37 |
(This note is not part of the Order)