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Financial adjustments between County Council and City Corporation.
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19.—(1) The County Council and the City Corporation may, from time to time as occasion requires, make by mutual agreement an equitable adjustment (in this section referred to as an agreed adjustment) in regard to any matter or thing requiring to be adjusted between the County Council or the Board of Health and the City Corporation in consequence of the inclusion of the added urban districts or the added rural area in the city and not otherwise provided for by this Act and in particular may make such agreed adjustment in regard to property, whether real or personal (including choses-in-action) vested in or belonging to or held in trust for the County Council or the Board of Health and wholly or partly situate in or relating to the added rural area or any particular portion thereof and in regard to debts and liabilities (including mortgage debts, charges created by statute, accruing and prospective liabilities and unliquidated liabilities arising from torts or breaches of contract) due and unpaid or incurred and undischarged by the County Council or the Board of Health and relating wholly or in part to the added rural area or any particular portion thereof.
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(2) An agreed adjustment in relation to property may provide for the retention of such property by the County Council or the Board of Health (as the case may be) or for the transfer of such property to the City Corporation or for the joint user of such property by the County Council or the Board of Health (as the case may be) and the City Corporation and may also provide for the payment of money, in one or more instalments, by or to the County Council or the Board of Health (as the case may require) to or by the City Corporation on account of the retention, transfer, or joint user of such property.
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(3) An agreed adjustment in relation to any debt or other liability may provide for the whole of such debt or liability being borne by the County Council or the Board of Health (as the case may be) or for the whole of such debt or liability being borne by the City Corporation or (except in the case of mortgage debts) for the apportionment of the liability for such debt or liability between the County Council or the Board of Health (as the case may be) and the City Corporation and may also provide for the payment of money, in one or more instalments, to or by the County Council or the Board of Health (as the case may require) by or to the City Corporation in respect of such debt or liability.
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(4) An agreed adjustment may provide for the payment by the City Corporation to the County Council in one or more instalments or by way of annuity of a sum in respect of the increase (if any) of burden which will properly be thrown on the ratepayers of the County in meeting the cost incurred by the County Council in the execution of any of their powers and duties as a consequence of the extension of the boundaries of the City by this Act, but in the fixing of the amount of any such sum and the method of payment thereof the following provisions shall be observed, that is to say:—
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(a) regard shall be had to the difference between the burden on the ratepayers of the County which will properly be incurred by the County Council in meeting the cost of executing any of their powers and duties and the burden on such ratepayers which would properly have been incurred if the boundaries of the City had not been extended by this Act;
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(b) regard shall also be had to the length of time during which such increase of burden may be expected to continue;
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(c) if such sum is made payable in one instalment the amount thereof shall not exceed ten times the average annual amount of such increase of burden;
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(d) if such sum is made payable in two or more instalments or by way of annuity, the capitalised value of such instalments or annuity shall not exceed ten times the average annual amount of such increase of burden.
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(5) An agreed adjustment may provide for the payment by the City Corporation to the County Council in one or more instalments or by way of annuity of a sum in respect of the loss of benefit which will be occasioned to the inhabitants of the County as a consequence of the extension of the boundaries of the City by this Act in the case of any benefit which is limited by a restriction on the amount in the pound of the rate which can be raised for the provision of such benefit and the following provisions shall have effect in regard to every sum the payment of which is provided for under this sub-section, that is to, say:—
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(a) every payment received by the County Council in respect of any such sum shall be applied towards the provision of the benefit in respect of which it is paid, and
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(b) no such sum shall be taken into account when calculating the amount in the pound which can be raised for providing the benefit in respect of which such sum is paid nor shall the payment of such sum restrict or affect the said amount in the pound.
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(6) The County Council shall not make an agreed adjustment in regard to any property, debt, or liability of the Board of Health without previous notice to and consultation with the Board of Health.
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(7) Whenever the County Council and the City Corporation fail to agree upon an equitable adjustment of any matter or thing which could be the subject of an agreed adjustment under this section, the Minister shall, upon the request of either the County Council or the City Corporation and after holding such (if any) local inquiry as he may think proper, make an equitable adjustment (in this section referred to as a compulsory adjustment) of such matter or thing and may by such adjustment make any provision in relation to such matter or thing which could under this section have been made by an agreed adjustment.
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(8) Every agreed adjustment and every compulsory adjustment made under this section shall have effect according to the terms thereof and shall be enforceable by the City Corporation and the County Council respectively against the other of them accordingly.
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