3(1)This paragraph applies if the Mayor has not complied with paragraph 2(3) above before the beginning of the period of restriction for the purposes of section 96 of this Act or section 52K or 52V of the [1992 c. 14.] Local Government Finance Act 1992.
(2)Where this paragraph applies, the Assembly shall prepare a draft of their proposals for the substitute calculations, after consulting each of the functional bodies affected by the proposals.
(3)If, at a public meeting of the Assembly, the draft proposals prepared under sub-paragraph (2) above are approved by the Assembly—
(a)the Authority’s substitute calculations shall be the substitute calculations in that draft as so approved; and
(b)the following provisions of this Schedule shall not apply in relation to the substitute calculations.