Section 93 — Local Government Finance Act 1988: The City fund.

The City fund. 93 1 The Common Council shall establish, and then maintain, a fund (to be called the City fund) in accordance with this Part.

2 The City fund must be established on 1 April 1990.

3 Any sum received by the Common Council after 31 March 1990 shall be paid into the City fund if it is not a sum which is to be paid into its collection fund or a trust fund and—

a it is received in respect of the general rate, the poor rate or the St. Botolph tithe rate, or b it would have fallen to be credited in aid of any of those rates had this Act not been passed.

4 Any payment to be made by the Common Council after 31 March 1990 shall be met from the City fund if it is not a payment which is to be met from its collection fund or a trust fund and if, had this Act not been passed, it would have fallen to be met out of—

a the general rate, the poor rate or the St. Botolph tithe rate, or b sums which, had this Act not been passed, would have fallen to be credited in aid of any of those rates.

5 No sum shall be paid into, and no payment shall be met from, the City fund except in accordance with subsections (3) and (4) above.

6 The assets of the Common Council subsisting immediately before 1 April 1990 shall be transferred to the City fund on that date if they are assets—

a subsisting in respect of the general rate, the poor rate or the St. Botolph tithe rate, or b representing sums credited in aid of any of those rates.