SCHEDULES
F1F1SCHEDULE 5
1
If a council determines to repay by means of a sinking fund any sums borrowed by it, the sinking fund shall be formed and maintained either—
a
by payment to the fund throughout the fixed period of such equal annual sums as will be sufficient to pay off within that period the money for the repayment of which the sinking fund is formed; or
b
by payment to the fund throughout the fixed period of such equal annual sums as, with accumulations at such rate as the Ministry may in any particular case approve, will be sufficient to pay off within that period the money for the repayment of which the sinking fund is formed.
In this Schedule a sinking fund formed under head ( a) is referred to as “a non-accumulating sinking fund” , and a sinking fund formed under head ( b) as “an accumulating sinking fund” ; and “the fixed period” has the same meaning as in section 66.
Sch. 5 repealed (1.4.2012) by Local Government Finance Act (Northern Ireland) 2011 (c. 10), ss. 46, 47(2), Sch. 2; S.R. 2011/306, art. 2(3)