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5. Schedule 3 shall have effect as if—
(a)paragraphs 1 to 9 were omitted;
(b)in paragraph 10(1), for the words “1st April 1990” there were substituted the words “4th May 1995”;
(c)after paragraph 10(1) the following sub-paragraph were inserted—
“(1A) Subject to the provisions of paragraphs 11, 12, 13 and 14 below, a new authority’s credit ceiling on 4th May 1995 shall be nil.”;
(d)in paragraphs 11, 12, 13 and 14, for the words “1st April 1990” wherever they appear, there were substituted the words “4th May 1995”; and
(e)in paragraph 15—
(i)in sub-paragraph (1), after the word “sub-paragraphs”, there were inserted the word “(1A),”, and after the word “principal” there were inserted the words “(“the principal amount”)”; and
(ii)after sub-paragraph (1) the following sub-paragraph were inserted—
“(1A) For the financial year commencing on 1st April 1995 the principal amount for a new authority shall be nil.”.
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