
1 

(1) This Order may be cited as the London Government Reorganisation (Transfer of Loans) Order 1988 and shall come into force on 1st April 1988.
(2) In this Order —
 “the appropriate percentage” means the percentage indicated in Schedule 1 to this Order in relation to the council in question;
 “the Residuary Body” means the London Residuary Body.
2 

(2) On 1st April 1988 the liability of the Residuary Body to the Public Works Loan Board in respect of the payment of interest and the repayment of principal outstanding immediately before that date attributable to the loans listed in Schedule 2 shall fall to be discharged by the councils listed in Schedule 1 in the manner described in paragraphs (2) to (4).
(2) Each council shall be liable for the repayment of the appropriate percentage of principal outstanding in relation to each loan.
(3) Each council shall discharge that part of the liability apportioned to it at the time and in the manner applicable to the loan in question.
(4) Each council shall pay to the Public Works Loan Board interest on that part of the liability which falls to be discharged by it at the rate and time and in the manner applicable to the loan in question.
3 
The rights of the Residuary Body in respect of the loans referred to in article 2(1) shall on 1st April 1988 vest jointly and severally in the councils there referred to.
4 

(1) Subject to paragraph (2), paragraphs 2 to 8, 11 and 20 of Schedule 13 to the Local Government Act 19721972 c. 70. shall apply as if the amount of that part of the liability transferred to each council by this Order which is attributable to the repayment of the principal were money borrowed by that council under paragraph 1(b) of that Schedule.
(2) Paragraphs 7 and 8 of that Schedule (accounting requirements and power to borrow during the fixed period for repaying loans) shall apply to the amount referred to in paragraph (1) with the substitution for the words “the fixed period” of the words “the period of 33 years commencing with the financial year beginning 1st April 1988”.
5 

(1) Subject to paragraph (2), the rights and liabilities created by the provisions of the transfer orders mentioned in paragraph 3 of Part I of Schedule 2 to the Local Government Reorganisation (Greater London Council Transferred Housing and Nomination Rights) Order 1986 (“paragraph 3”) (provisions vesting in the Residuary Body the right to money which, but for the Local Government Act 1985, would have become due to the Greater London Council’s consolidated loans fund) and which were saved by article 3 of that Order shall cease to exist; and, subject as aforesaid, those provisions (which are listed in Schedule 3 to this Order) and paragraph 3 are revoked.
(2) Paragraph 3 shall continue to have effect in relation to a transferee authority’s liabilities and entitlements—
(a) which accrued before 1st April 1988; and
(b) in respect of payments or receipts which fall to be made or received on 30th September 1988 in accordance with paragraph 3(4)(d).
Nicholas Ridley
Secretary of State for the Environment
16th February 1988
SCHEDULE 1
Article 2


LONDON BOROUGH COUNCILS APPROPRIATE PERCENTAGE
Barking and Dagenham 0.998 949 747
Barnet 0.511 692 280
Bexley 0.118 679 980
Brent 0.256 884 118
Bromley 1.372 763 305
Camden 1.827 616 167
Croydon 0.304 363 092
Ealing 1.646 310 092

LONDON BOROUGH COUNCILS APPROPRIATE PERCENTAGE
Enfield 0.719 762 975
Greenwich 4.693 427 107
Hackney 9.580 945 564
Hammersmith and Fulham 3.115 597 602
Haringey 1.363 710 291
Harrow 0.459 944 116
Havering 1.249 849 043
Hillingdon 0.041 638 406
Hounslow 1.025 947 611
Islington 8.266 820 865
Kensington and Chelsea 1.885 013 433
Kingston upon Thames 0.167 479 728
Lambeth 7.314 533 711
Lewisham 4.640 481 941
Merton 1.547 638 866
Newham 1.769 570 441
Redbridge 0.386 756 704
Richmond upon Thames 0.200 096 968
Southwark 9.700 456 227
Sutton 1.603 501 162
Tower Hamlets 7.777 554 536
Waltham Forest 0.527 241 128
Wandsworth 4.169 358 958
Westminster 2.671 850 917

DISTRICT COUNCILS APPROPRIATE PERCENTAGE
Braintree 0.016 256 320
Brentwood 0.042 366 736
Broxbourne 0.587 908 792
Colchester 0.060 028 073
Dacorum 0.528 862 713
East Hertfordshire 0.492 484 109
Epping Forest 1.517 803 868
Hertsmere 1.060 886 291
Horsham 0.336 907 956
Mid-Sussex 0.308 049 955
North Hertfordshire 0.087 744 525
Reading 0.013 088 462
Reigate and Banstead 0.101 666 104
Rochester upon Medway 0.435 237 592
Rushmoor 0.587 041 890
Sevenoaks 0.145 934 255
Slough 0.424 149 650
South Bedfordshire 0.068 560 271
Spelthorpe 0.013 630 822
Tandridge 0.082 471 172
Three Rivers 0.287 999 798
Thurrock 0.629 886 103
Waverley 0.027 695 157
Windsor and Maidenhead 0.023 279 964
Woking 0.099 716 854
Wokingham 0.103 905 487
SCHEDULE 2
Article 2(1)
1 
Loans payable by equal instalments of principal.

Loan No. Outstanding balance (£) as at 1st April 1988 Rate % per annum Principal and interest payable on 25th day of Final payment due on 25th day of
355222 3,784,934.00 3.000 March, September September 1994
428205 3,300,000.00 9.500 February, August February 1998
430598 12,343,750.00 12.000 February, August August 1989
438251 5,000,000.00 12.125 February, August August 1990
438420 4,999,999.00 12.875 February, August August 1990
439139 4,999,999.00 11.375 February, August February 1991
445854 1,500,000.00 12.625 June, December June 1989
445972 1,650,000.00 12.250 June, December June 1989
446218 4,285,714.00 12.750 March, September September 1989
446349 8,571,428.00 12.500 March, September September 1989
449574 9,193,548.00 14.000 May, November May 1997
452787 14,666,666.00 11.625 March, September September 1993
454337 7,894,736.00 11.000 March, September September 1995
454471 17,307,692.00 11.000 April, October April 2010
454498 16,923,076.00 11.000 March, September March 2010
454555 17,307,692.00 11.500 May, November May 2010
454556 17,307,692.00 11.500 June, December June 2010
454922 19,444,444.00 11.750 March, September March 1995
455508 16,666,666.00 12.125 February, August February 1989
457500 40,000,000.00 10.750 March, September March 1996
458425 48,000,000.00 10.125 March, September March 1996
458660 48,000,000.00 10.125 March, September March 1996
458775 48,000,000.00 10.000 March, September March 1996
459049 34,482,758.00 9.500 March, September September 2000
460574 12,000,000.00 8.875 February, August February 1991
460575 26,060,606.00 8.875 March, September March 1992
460671 20,000,000.00 9.250 March, September March 1990
460751 37,500,000.00 9.625 March, September March 1994
460762 37,500,000.00 9.625 March, September March 1994
460783 15,000,000.00 9.500 March, September March 1994
2 
Loans payable by annuity.

Loan No.  Outstanding balance (£) as at 1st April 1988 Rate % per annum Principal and interest payable on 25th day of Final payment due on 25th day of
355252 8,042,950.00 3.750 March, September September 2011
355253 24,709,913.00 4.250 March, September September 2011
355272 13,978,929.00 4.000 March, September September 2013
367901 6,514,459.00 5.750 March, September September 1993
355225 18,370,597.00 3.000 March, September September 2009
3 
Loans payable at maturity

Loan No.  Outstanding balance (£) as at 1st April 1988 Rate % per annum Interest payable on 25th day of Final payment due on 25th day of
445644 20,000,000.00 11.500 April, October April 1989
446508 35,000,000.00 13.625 June, December December 1989
449602 20,000,000.00 13.750 June, December June 1992
449947 20,000,000.00 12.500 January, July July 1989
450369 25,000,000.00 11.125 February, August August 1989
450732 25,000,000.00 10.500 April, October October 1994
451014 75,000,000.00 10.625 January, July January 1995
452392 20,000,000.00 10.750 May, November November 1993
452623 20,000,000.00 10.500 April, October October 1993
452724 20,000,000.00 10.875 June, December December 1993
460456 20,000,000.00 8.750 May, November May 1994
454921 25,000,000.00 11.000 February, August February 1995
455212 40,000,000.00 10.625 May, November May 1995
456106 20,000,000.00 11.500 May, November May 1990
456292 20,000,000.00 11.375 June, December June 1990
456293 20,000,000.00 11.000 June, December December 1995
456675 50,000,000.00 10.375 January, July January 2001
456916 50,000,000.00 10.625 January, July January 1996
457640 50,000,000.00 10.500 April, October April 1997
457792 50,000,000.00 10.375 May, November May 2001
457887 50,000,000.00 10.625 June, December June 2001
459896 70,000,000.00 8.375 March, September March 1992
460501 50,000,000.00 8.750 April, October April 1993
460509 40,000,000.00 8.875 March, September March 1994
460395 20,000,000.00 8.875 April, October April 1994
463025 50,000,000.00 8.875 May, November May 1994
463398 4,273,132.00 10.500 January, July July 1991
463862 76,752,726.00 Variable at monthly intervals each month March 1995
SCHEDULE 3
Article 5


Orders revoked References Extent of revocation
The London Authorities (Transfer of Housing Estates etc.) Order 1971. S.I.1971/231. Article 8 and paragraph 10 of Part I of Schedule 1.
The London Authorities (Transfer of Housing Estates etc.) (No. 1) Order 1972. S.I. 1972/171. Paragraph 1 of Part I of Schedule 1.
The London Authorities (Transfer of Housing Estates etc.) (No.2) Order 1972. S.I. 1972/172. Article 8 and paragraph 10 of Part I of Schedule 1.
The London Authorities (Transfer of Housing Estates etc.) (No.3) Order 1972. S.I. 1972/173. Article 8 and paragraph 10 of Part I of the Schedule.
The London Authorities (Transfer of Housing Estates etc.) Order 1973. S.I. 1973/417. Paragraph 7 of Part I of Schedule 1 and paragraph 1 of Part I of Schedule 2.
The Greater London Council (Transfer of Land and Housing Accommodation) Order 1980. S.I. 1980/320. Articles 19 and 20 and paragraph 3(3) of Parts I and II of Schedule 2.
The Greater London Council (Transfer of Land and Housing Accommodation) Order 1981. S.I. 1981/289. Articles 18 and 19(1) and paragraph 2(1) of Schedule 1.
The Greater London Council (Transfer of Land and Housing Accommodation) (No. 2) Order 1981. S.I. 1981/536 Article 20.
The Greater London Council (Transfer of Land and Housing Accommodation) (No. 3) Order 1981. S.I. 1981/644. Articles 18 and 19(1) and paragraph 2(1) of Schedule 1.
The Greater London Council (Transfer of Land and Housing Accommodation) Order 1982. S.I. 1982/301. Articles 15 and 16 and paragraph 2(1) of Schedule 1.
The Greater London Council (Transfer of Land and Housing Accommodation) Order 1983. S.I. 1983/250. Articles 12 and 13 and paragraph 2(1) of Schedule 1.
The Local Government Reorganisation (Greater London Council Transferred Housing and Nomination Rights) Order 1986. S.I. 1986/442 Paragraph 3 of Part I of Schedule 2.