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The Local Government Reorganisation (Capital Money) (Greater London) Order 1987
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PART III
Grant to The Trust for London
5. On or before 31st March 1987 the Residuary Body shall pay by way of grant to The Trust for London (an eligible charity for the purposes of section 49 of the 1985 Act) the sum of ten million pounds.
Distribution of other capital money
6.—(1) In respect of each financial year commencing with the financial year beginning 1st April 1986 the Residuary Body shall pay to each rating authority an amount which shall be determined in accordance with the Schedule to this order.
(2) The Residuary Body shall pay to the Inner London Education Authority—
(a)the transferred capital receipts; and
(b)an amount which shall be calculated by applying to the transferred capital receipts the rate agreed between the Residuary Body and the Authority on 28th April 1986 as if those receipts were an amount of principal and the rate were a weekly rate of interest in respect of the period beginning on 1st April 1986 and ending on the day on which the payment required by subparagraph (a) is made.
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