
1 

(1) This Order may be cited as the Education (London Residuary Body) (Transfer of Loans) Order 1992 and shall come into force on 1st April 1992.
(2) In this Order—
 “the appropriate percentage” means, in relation to a council listed in column (1) of Schedule 1 to this Order, the percentage specified opposite thereto in whichever of column (2), (3) or (4) of that Schedule is appropriate to the loan in question; and
 “the LRB” means the London Residuary Body.
2 

(1) On 1st April 1992 part of the liability of the LRB 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 to this Order shall transfer to and fall to be discharged by the councils listed in Schedule 1 to this Order in the manner described in paragraphs (2) to (4) below.
(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 LRB in respect of the loans referred to in article 2(1) above shall on 1st April 1992 vest jointly and severally in the LRB and in the councils there referred to.
4 

(1) Subject to paragraph (2) below, the rights and liabilities created by section 177(2) and (3) of the Education Reform Act 1988 and the Education (Inner London Education Authority) (Repayment of Loans) Order 1990 are extinguished and that Order is hereby revoked.
(2) Paragraph (1) above shall not have effect in relation to rights and liabilities—
(a) which accrued before 1st April 1992; and
(b) in respect of payments which fall to be made on 30th September 1992 in accordance with article 6(3) of the said Order.
Kenneth Clarke
Secretary of State for Education and Science
4th March 1992
SCHEDULE 1
Articles 1(2) and 2(1)


Inner London Borough Councils  Appropriate Percentage
(1) (2) (3) (4)
 Loans 1—28 Loan 29 Loans 30—31
Camden 6.3617224258 6.6689728926 7.6114171274
Greenwich 7.6089548446 7.9764425739 9.1036554803
Hackney 6.4203172338 6.7303976390 7.6815222806
Hammersmith and Fulham 5.8092570571 6.0898252466 6.9504256399
Islington 6.1189724897 6.4144989256 7.3209814722
Kensington and Chelsea 4.0514127007 4.2470827347 4.8472709050
Lambeth 8.4543942765 8.8627139759 10.1151727615
Lewisham 8.3874287761 8.7925142600 10.0350525798
Southwark 8.0944547128 8.4853905040 9.6845267861
Tower Hamlets 5.5330243748 5.8002514256 6.6199298985
Wandsworth 10.1201610670 10.6089318754 12.1081622430
Westminster 6.6212137350 6.9409967867 7.9218828257
SCHEDULE 2
Article 2(1)


ILEA Loan No. Loan No. Outstanding balance (£) as at 31st March 1992 Rate % per annum Interest payable on stated day each month Final payment due on
1 460158 2,000,000.00 8.750 2 May and November 2 May 2001
2 460315 2,000,000.00 8.750 16 May and November 16 May 1994
3 460483 2,000,000.00 8.750 6 June and December 6 June 1994
4 460684 2,000,000.00 9.125 17 January and July 17 July 1992
5 460844 2,000,000.00 9.375 10 March and September 10 September 1993
7 461905 2,000,000.00 8.625 30 March and September 30 March 1993
11 462384 40,000,000.00 9.000 15 April and October 15 April 1992
12 462385 30,000,000.00 9.125 15 April and October 15 April 1994
13 462386 20,000,000.00 9.250 15 April and October 15 April 1996
14 462387 20,000,000.00 9.250 15 April and October 15 April 1998
15 462388 20,000,000.00 9.250 15 April and October 15 April 2000
16 462389 20,000,000.00 9.250 15 April and October 15 April 2002
17 462390 5,000,000.00 9.250 15 April and October 15 April 2007
18 463142 2,000,000.00 8.625 12 June and December 12 June 1992
19 463572 3,000,000.00 9.500 5 May and November 5 November 2012
20 463896 7,000,000.00 9.250 1 February and August 1 February 1993
22 464212 1,500,000.00 9.125 25 March and September 25 March 1994
23 464943 5,000,000.00 9.750 30 June and December 30 June 2003
24 464944 10,000,000.00 9.750 30 June and December 30 June 1992
25 464945 5,000,000.00 9.750 30 June and December 30 June 1993
26 465320 4,400,000.00 9.500 30 March and September 30 March 2014
27 466176 12,000,000.00 9.000 11 February and August 11 August 2014
28 466486 7,000,000.00 9.250 30 March and September 30 September 2014
29 467678 25,000,000.00 9.750 20 April and October 20 April 2015
30 468294 4,300,000.00 11.500 11 March and September 11 September 2015
31 468434 2,695,460.37 11.500 11 March and September 11 September 2015
  255,895,460.37