Reimbursement of expenditure incurred and repayment of loans
60.—(1) A charging authority may apply CIL to reimburse expenditure already incurred on infrastructure.
(2) Where a charging authority, other than the Mayor, has borrowed money for the purposes of funding infrastructure, it may apply CIL to repay that money, and any interest, if the conditions set out in paragraphs (4) and (5) are both met.
(3) Where the Greater London Authority or a functional body has borrowed money for the purposes of funding infrastructure consisting of roads or other transport facilities, the Mayor may apply CIL to repay that money, and any interest, if the conditions set out in paragraphs (4) and (5) are both met.
(4) Condition 1 is that the charging authority has collected CIL, or CIL has been collected on its behalf, for at least one full financial year before the date on which CIL is to be applied to repay the money.
(5) Condition 2 is that the total amount to be applied in any one financial year does not exceed the relevant percentage of CIL collected by or on behalf of the charging authority in the preceding financial year.
(6) For the purposes of paragraph (5), the relevant percentage is such percentage as the Secretary of State may direct or, in the absence of a direction, zero per cent.
(7) A direction under paragraph (6)—
(a)must be made in respect of authorities generally;
(b)must be in writing;
(c)may be substituted or revoked at any time, any substitution or revocation being made by a further direction in writing.
(8) In this regulation “functional body” means—
(a)Transport for London; or
(b)the London Development Agency.