97.—(1) Every local authority shall maintain a fund to be known as the local fund which consists of such accounts kept under section 107 as may be necessary.

(2)(a) F127[…]

(b) A reference in any enactment to a county fund, municipal fund or any other fund, which was maintained immediately before the commencement of this provision, shall be read as a reference to a local fund.

(3) There shall be paid into the local fund all money received by or on behalf of a local authority F128[(including by or on behalf of a successor authority in respect of a dissolved body to which the successor authority relates)], other than money received for the purposes of a community fund established under section 109 F129[or a BID fund established under section 129K].

(4) Subject to section 99, there shall be paid out of the local fund the expenses incurred by a local authority in the performance of its functions, other than expenses payable out of a community fund established under section 109 F129[or a BID fund established under section 129K].

(5) A payment shall not be made out of the local fund unless it is authorised in accordance with section 99 or ordered by a court established under the Courts (Establishment and Constitution) Act, 1961.