SCHEDULES
SCHEDULE 3Borrowing and Lending by Local Authorities and Certain other Bodies and Certain of their Funds
Loans fund
17
1
The authority shall at the time an advance is made under paragraph 14 above determine—
a
the period within which the advance is to be repaid to the loans fund, being a period not exceeding the fixed period ; and
b
the amount of each of the periodical payments required to repay the advance within the period so determined, and the date on which the first of the said payments is to be made.
2
The periodical payments shall be either equal yearly or half-yearly instalments of principal or, where the advance is to be repaid on the annuity system, equal yearly or half-yearly instalments of principal and interest combined, the amount of principal included in each instalment being separately stated.
3
The periodical payments shall so far as practicable be so adjusted as to be expressed in complete pounds.
4
This paragraph shall apply with the necessary modifications in the case of advances from the loans fund to a relevant authority.