London Government Act 1963

69 Initial expenses of new authorities

(1) As soon as may be after the first election of councillors of the Greater London Council or, as the case may be, of any London borough, each existing rating authority whose area, or part of whose area, falls within Greater London or, as the case may be, that London borough shall, in accordance with arrangements made by the Minister by regulations, cause the appropriate contribution to be paid into the general fund of the Greater London Council or, as the case may be, the general rate fund of that London borough.

(2) In the foregoing subsection, the expression " the appropriate contribution" in relation to any existing rating area or any part of such an area means an amount equal to the product of a rate of a penny in the pound levied in that rating area or, as the case may be, that part thereof for the year 1964-65, being—

(a) in the case of the area of a county borough, that product ascertained in accordance with the rules for the time being in force under section 16 of the Local Government Act 1958;

(b) in a case where that product has been estimated by the rating authority for the purposes of section 9(2)(d) of the Rating and Valuation Act 1925, that product as so estimated;

(c) in any other case, that product estimated by the rating authority in like manner as it would fall to be estimated for the purposes of the said section 9(2)(d).

(3) Any expenses incurred by any returning officer in relation to the holding of the first election of councillors of the Greater London Council or, as the case may be, of any London borough which, apart from this subsection, would under paragraph 19 of Schedule 3 to this Act fall to be paid by the Greater London Council or, as the case may be, the council of that London borough shall be paid by the existing rating authorities whose areas fall wholly or partly within Greater London or, as the case may be, that London borough, the amount payable by each of those authorities being an amount bearing the same proportion to the aggregate amount of those expenses as the appropriate contribution of that authority to the general fund of the Greater London Council or, as the case may' be, the general rate fund of that London borough under the foregoing provisions of this section bears to the aggregate amount of the appropriate contributions so payable to the fund in question.

(4) The Greater London Council and the London borough councils may borrow for the purpose of meeting any expenditure incurred by them before 1st April 1965.