4.—(1) Each levying body to which these Regulations apply shall have power to issue to a council concerned and in accordance with these Regulations a levy in respect of each chargeable financial year to meet those liabilities and expenses of the levying body to which its relevant precepting power applies.
(2) A levy must state whether it or any portion of it is applicable to all or part of the area of the council concerned to which it is issued and, in the case of a part, what part.