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Grants to local authorities.
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4.—(1) There shall be paid out of moneys provided by the Oireachtas to a corporation of a county borough or council of a county paying scholarships under a scheme or schemes under section 2 of the Principal Act or both paying such scholarships and providing assistance for students under section 10 of the Act of 1908—
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(a) in respect of the first local financial year beginning after the commencement of this Act a grant of an amount equal to—
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(i) one-half of the total cost to the corporation or council, as the case may be, of the payments or both the payments and assistance, as the case may be, in that year, or
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(ii) the amount which would be produced by a rate of one penny in the pound levied in the functional area of the corporation or council, as the case may be, in that year,
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whichever is the less,
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(b) in respect of the second local financial year beginning after the commencement of this Act a grant of an amount equal to—
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(i) one-half of the total cost to the corporation or council, as the case may be, of the payments or both the payments and assistance, as the case may be, in that year, or
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(ii) the amount which would be produced by a rate of two pence in the pound levied in the functional area of the corporation or council, as the case may be, in that year,
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whichever is the less,
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(c) in respect of the third local financial year beginning after the commencement of this Act a grant of an amount equal to—
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(i) in case the total cost to the corporation or council, as the case may be, of the payments or both the payments and assistance, as the case may be, in that year does not exceed the amount which would be produced by a rate of four pence in the pound levied in the functional area of the corporation or council, as the case may be, in that year, one-half of that cost, and
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(ii) in any other case—
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(I) one-half of so much of the cost aforesaid as does not exceed the amount which would be produced by a rate of four pence in the pound levied in the functional area of the corporation or council, as the case may be, in that year and three-fifths of so much (if any) of the cost aforesaid as exceeds the amount which would be produced by a rate of four pence in the pound levied in the functional area of thecorporation or council, as the case may be, in that year, or
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(II) the amount which would be produced by a rate of three and one-half pence in the pound levied in the functional area of the corporation or council, as the case may be, in that year,
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whichever is the less, and
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(d) in respect of any local financial year subsequent to the years aforesaid in which the corporation or council, as the case may be, pays scholarships under a scheme or schemes under the said section 2 or both pays such scholarships and provides assistance for students under the said section 10 a grant of an amount equal to—
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(i) in case the total cost to the corporation or council, as the case may be, of the payments or both the payments and assistance, as the case may be, in that year does not exceed the amount which would be produced by a rate of four pence in the pound levied in the functional area of the corporation or council, as the case may be, in that year, one-half of that cost, and
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(ii) in any other case—
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(I) one-half of so much of the cost aforesaid as does not exceed the amount which would be produced by a rate of four pence in the pound levied in the functional area of the corporation or council, as the case may be, in that year and three-fifths of so much (if any) of the cost aforesaid as exceeds the amount which would be produced by a rate of four pence in the pound levied in the functional area of the corporation or council, as the case may be, in that year, or
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(II) the amount which would be produced by a rate of five pence in the pound levied in the functional area of the corporation or council, as the case may be, in that year,
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whichever is the less.
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(2) A grant to the corporation of a county borough or council of a county under this section in respect of any local financial year shall be used by the corporation or council, as the case may be, in the defrayal of the cost of paying scholarships under a scheme or schemes under section 2 of the Principal Act in that year or both of paying such scholarships and providing assistance for students under section 10 of the Act of 1908, as the case may be.
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