The Local Government Reorganisation (Wales) (Capital Finance) Order 1995

5.  Schedule 3 shall have effect as if—

(a) paragraphs 1 to 9 were omitted;

(b) in paragraph 10(1), for the words “1st April 1990” there were substituted the words “4th May 1995”;

(c) after paragraph 10(1) the following sub-paragraph were inserted—

“(1A) Subject to the provisions of paragraphs 11, 12, 13 and 14 below, a new authority’s credit ceiling on 4th May 1995 shall be nil.”;

(d) in paragraphs 11, 12, 13 and 14, for the words “1st April 1990” wherever they appear, there were substituted the words “4th May 1995”; and

(e) in paragraph 15—

(i) in sub-paragraph (1), after the word “sub-paragraphs”, there were inserted the word “(1A),”, and after the word “principal” there were inserted the words “(“the principal amount”)”; and

(ii) after sub-paragraph (1) the following sub-paragraph were inserted—

“(1A) For the financial year commencing on 1st April 1995 the principal amount for a new authority shall be nil.”.