SCHEDULE MODIFICATIONS TO CERTAIN PROVISIONS OF PART IV OF THE 1989 ACT

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.”.