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Local Government Act 1966
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- UK Public General Acts
- 1966 c. 42
- SCHEDULE 1
- PART II
- Condition and amount of...
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Condition and amount of payment.
1The resources element shall not be payable to a local authority for any year unless the product of a rate of one penny in the pound for the area of the authority for that year is less than the standard penny rate product for the area for that year.
2The amount of the resources element payable to a local authority for any year shall, subject to paragraphs 10 and 11 of this Part of this Schedule, be the amount which bears to the expenditure of the authority for that year the same proportion as the difference between the rate products mentioned in paragraph 1 above bears to the standard penny rate product for the area of the authority for that year.
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