The Local Government Reorganisation (Capital Money) (Greater London) Order 1987

Administrative arrangements—distribution of capital money

8.—(1) The payment required by article 6(2) shall be made no later than 28 days after the date upon which the accounts of the abolished council for the financial year ended 31st March 1986 are made up and balanced in accordance with regulation 6 of the Accounts and Audit Regulations 1983 or 14 days after this order comes into force, whichever is the later.

(2) The Residuary Body shall notify the Inner London Education Authority of the amount of the parts of that payment which are referable to the education balances and to the amount referred to in article 6(2)(b) and shall send a copy of such notification to the Secretary of State.

(3) Within seven days of making any payment in accordance with article 6(2), the Residuary Body shall notify the Secretary of State of the amount paid.

(4) The Residuary Body shall use its best endeavours to secure that payments required by article 6(1) are made on or before the last day of the financial year in question. Any part of a payment not so made (“the residual amount”) shall be paid no later than 30th June in the next financial year.

(5) Residual amounts shall be deemed to vest in the rating authority entitled to them on the last day of the financial year in question and shall thereafter be regarded as interest-free loans to the Residuary Body by the relevant rating authorities.

(6) On or before 1st July in each financial year commencing with the financial year beginning 1st April 1987 the Residuary Body shall notify the Secretary of State of the amounts paid in respect of the preceding financial year by virtue of article 6(1).