25. (1) The Cork local authorities shall, as soon as practicable after the commencement of this section and after consultation with the oversight committee, make an arrangement (in this section referred to as a “financial settlement”) in accordance with this section.

(2) The Minister may, after consultation with the oversight committee, give a direction to the Cork local authorities to make a financial arrangement in such terms, and by such date, as may be specified in the direction.

(3) The Cork local authorities shall comply with a direction under subsection (2).

(4) A financial settlement shall make provision for—

(a) the calculation of—

(i) the cost to the city council of its becoming liable for the payment of superannuation benefits to, or in respect of, persons who become members of its staff under section 16,

(ii) the cost to the county council of its being liable for expenditure in relation to—

(I) any public infrastructure and facilities referred to in section 48 of the Act of 2000—

(A) benefiting in whole or in part development in the relevant area, and

(B) that it had intended to pay for from contributions made under that section,

or

(II) any public infrastructure service or project referred to in section 49 of that Act in the relevant area that it had intended to pay for from contributions under that section,

(iii) the cost to either Cork local authority of its becoming liable for any other payment or expenditure by virtue of the Cork boundary alteration,

(b) the payment by a Cork local authority of a contribution to the other Cork local authority in respect of the cost to the latter of its becoming liable for any payment or expenditure referred to in paragraph (a),

(c) the payment of such contribution by instalment or otherwise,

(d) the date or dates by which such contribution or such instalments shall be paid.

(5) A financial settlement shall take account of the annual contribution payable by the city council to the county council under section 24.

(6) A financial settlement shall be carried out by the Cork local authorities in accordance with its terms.

(7) (a) The contribution payable in respect of a year to which a financial settlement applies by a Cork local authority to the other Cork local authority in accordance with a financial settlement shall be such amount as is calculated under the financial settlement before 31 August in the year immediately preceding the year in respect of which the contribution is payable, and different amounts may be so determined in respect of different years.

(b) A contribution referred to in this subsection shall be paid by such date (in this section referred to as the “due date for payment”) in the year in respect of which the contribution is payable as is specified in a financial settlement.

(8) Where any contribution required to be paid by a Cork local authority to the other Cork local authority in accordance with a financial settlement remains unpaid (in whole or in part) by the due date for payment in relation to that contribution, that contribution or that part of the contribution that remains unpaid shall be recoverable by the second-mentioned Cork local authority in any court of competent jurisdiction as a simple contract debt.

(9) If any dispute arises as to the claim of either the city council or the county council to, or the amount of, any payment due in accordance with a financial settlement, such dispute shall be submitted to the oversight committee whose decision in relation thereto shall be final.

(10) (a) The Cork local authorities shall have regard to the implementation plan and any recommendations of the oversight committee when making a financial settlement.

(b) The Minister shall have regard to the implementation plan and any recommendations of the oversight committee when giving a direction under subsection (2).

(11) A financial settlement may make provision in relation to such consequential, incidental or supplementary matters as are necessary or expedient for its effective implementation.

(12) (a) The Cork local authorities may, after consultation with the oversight committee, make an arrangement (in this section also referred to as a “financial settlement”) amending a financial settlement made under subsection (1).

(b) The Cork local authorities may, with the consent of the Minister, make an arrangement (in this section also referred to as a “financial settlement”) amending a financial settlement made in compliance with a direction under subsection (2).