The Education (Inner London Education Authority) (Repayment of Loans) Order 1990

Amount of deemed borrowing

3.—(1) The amount which each inner London council shall be deemed to have borrowed from the LRB on 1st April 1990 for the purposes of section 177 of the Act shall be determined in accordance with this article.

(2) The amount which each inner London council shall be deemed to have borrowed shall be calculated as follows:

(a) there shall be deducted from the total amount of the liability on 1st April 1990 of ILEA in respect of money borrowed by ILEA (which becomes on that date a liability of the LRB under section 177(1) of the Act)—

(i) an amount equal to any provision set aside by ILEA in respect of the said money borrowed but not used by ILEA to repay such borrowings;

(ii) the amount which is shown in the accounts of ILEA as a liability outstanding immediately before 1st April 1990 attributable to temporary borrowing for revenue purposes under paragraph 10(1)(a) of Schedule 13 to the Local Government Act 1972(1) as applied to ILEA by section 70 of the Local Government Act 1985(2);

(iii) an amount equal to the aggregate amount immediately before 1st April 1990 of the liabilities of ILEA in respect of money borrowed by ILEA for the purposes of the institutions specified in Schedule 1 to this Order, being institutions conducted by a higher education corporation or designated under section 129 of the Act; and

(iv) the sum of £107,465 in respect of money borrowed by ILEA for the purposes of Goldsmiths' College;

(b) the amount remaining after the deductions referred to in subparagraph (a) above have been made shall be apportioned among the inner London councils as deemed borrowings from the LRB in the proportions set out in Schedule 2 to this Order.

(1)

1972 c. 70.

(2)

1985 c. 51.