The Secretary of State may, if he thinks it appropriate, make payments to the Treasury, in respect of local loans made under section 3 of the National Loans Act 1968, so as to reduce or extinguish such debt (whether then due or not) of a local authority in England to the Treasury as he thinks fit.
The National Assembly for Wales may, if it thinks it appropriate, make payments to the Treasury, in respect of local loans made under section 3 of the National Loans Act 1968, so as to reduce or extinguish such debt (whether then due or not) of a local authority in Wales to the Treasury as the Assembly thinks fit.
The amount—
shall be such as may be determined by the Treasury.
The Treasury may refuse to accept a payment which the Secretary of State or the National Assembly for Wales proposes to make to them under this section.
In this section "local authority" means—