The Local Authorities (Funds) (Wales) Regulations 1992

1.—(1) A schedule of instalments so far as it relates to principal authorities shall be determined in accordance with this Part of this Schedule.

(2) The schedule of instalments shall be determined so as to require any payments and transfers from a billing authority’s collection fund in respect of its liabilities to principal authorities to be made in at least 12 instalments.

(3) The total of the instalments required to be paid by the schedule must discharge that billing authority’s liabilities to principal authorities within the financial year to which the schedule relates.

(4) The instalments shall be of the same number and shall become payable and transferable on the same dates in that financial year for each such liability, as determined by the billing authority.

(5) The schedule of instalments shall be determined so as to specify–

(a) the number of the instalments,

(b) the amount which each instalment will be as a proportion of the amount of each such liability, and

(c) the date on which each instalment shall become due.

(6) The reference in sub-paragraph (2) to transfers from a billing authority’s collection fund shall be construed, in the case of a liability under section 97(4) of the 1988 Act, as a reference to transfers from that authority’s general fund to its collection fund.