The Non-Domestic Rating (Northern Line Extension) Regulations 2015

Additional period of designation

5.—(1) The designations made by regulation 3 and Schedule 1 take effect on the first day of the first year(1) after the conditions in paragraph (2) are met and remain in effect for a period of five years beginning with that date.

(2) The conditions are that—

(a) 1st January 2041 has elapsed;

(b) a Permanent Shortfall, as agreed between the Greater London Authority and the Treasury in accordance with the Agreement, exists in relation to the NLE Loans incurred by the Greater London Authority for the purposes of financing the design, construction and commissioning of the extension to the Northern Line from Kennington to Battersea power station;

(c) the Treasury has made the first Advance to the Greater London Authority pursuant to the Agreement; and

(d) the Greater London Authority has made an application in writing to the Treasury for the purposes of this regulation pursuant to clause 4.3 of the Agreement.

(3) These Regulations will cease to have effect at the end of the period mentioned in regulation 4 if all of the conditions specified in paragraph (2) are not met by the end of that period.

(4) “Permanent Shortfall”, “NLE Loans” and “Advance” each have the meaning given in the Agreement.

(1)

A “year” is defined as a chargeable financial year by paragraph 45 of Schedule 7B to the Local Government Finance Act 1988 and, by virtue of section 145 of that Act, a financial year means a period of 12 months beginning with 1 April.