15(1)Subject to sub-paragraphs (2) and (3) below, for any financial year other than that beginning on 1st April 1990, a local authority’s minimum revenue provision shall be the aggregate of—
(a)an amount in respect of principal which, except in so far as regulations made by the Secretary of State otherwise provide, shall be the prescribed percentage of the authority’s adjusted credit ceiling on the last day of the immediately preceding year; and
(b)an amount in respect of notional interest on each credit arrangement entered into by the authority which came into being before the beginning of that year, other than an arrangement excluded by regulations under paragraph 11 above.
(2)If a local authority’s credit ceiling on the last day of a financial year is nil or a negative amount, the authority’s minimum revenue provision for the immediately following financial year shall be nil.
(3)In the case of a credit arrangement falling within section 49(3) of this Act, the Secretary of State may by regulations provide that the amount referred to in sub-paragraph (1)(b) above is nil.