Greater London Authority Act 1999

Application of the net proceeds

16 (1) In the case of any charging scheme which comes into force during the period of ten years beginning with the inception of the Authority, the net proceeds of the scheme shall, during the scheme’s initial period, be available only for application for relevant transport purposes by any one or more of the following bodies, namely—

(a) the Authority;

(b) Transport for London; or

(c) a London borough council.

(2) Except as provided by sub-paragraph (1) above, the net proceeds of a charging scheme shall be applied only as may be specified in, or determined in accordance with, regulations under this sub-paragraph.

(3) Regulations under sub-paragraph (2) above may include provision conferring a discretion on any body or person.

(4) The provision that may be made by regulations under sub-paragraph (2) above includes provision for sub-paragraph (1) above to continue to apply, but with the substitution for the number of years for the time being there mentioned of a number of years greater than ten.

(5) The net proceeds of charging schemes may only be applied for purposes which provide value for money.

(6) Sub-paragraphs (1) to (5) above are without prejudice to paragraph 15(6) above.

(7) In this paragraph—

• “the inception of the Authority” means the commencement of the term of office of the Mayor and Assembly members returned at the first ordinary election;

• “the initial period”, in the case of any charging scheme, means—

  (a)

  the period of ten years beginning with the coming into force of the scheme; or

  (b)

  such longer period as the Secretary of State may allow in the case of any particular scheme.