(1)Any deficiency in the revenues of the Board in any financial year must be made good out of the reserve fund (if any) provided under section 76 (power to create reserve fund) of the 1959 Act or, if there is no such reserve fund or if such reserve fund is insufficient for the purpose of making good such a deficiency, it may be carried forward.
(2)If the whole or a part of a net deficit in any year carried over by the Board to the following year cannot be made good out of revenues (including any revenues appropriated to the reserve fund) within two years of being carried over, the Board must apportion the sum outstanding (including any interest or other charge incurred in relation to it) equally between the constituent authorities.
(3)The Board must issue a levy to each of the constituent authorities in respect of any sum apportioned for payment by them under this section and, where it does so, the Board is a levying body for the purposes of section 74 (levies) of the Local Government (Finance) Act 1988 and any regulations made under it.
(4)Any sum mentioned in a levy issued to a constituent authority under this section is a debt due to the Board from that authority and, without prejudice to any other right of action, may be recovered accordingly.