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Volume 52, No. 5

B.C. Reg. 92/2009

The British Columbia Gazette,

Part II

March 10, 2009

B.C. Reg. 92/2009 , deposited March 10, 2009, pursuant to the BRITISH COLUMBIA TRANSIT ACT [Section 15 (2) (b)] and the MOTOR FUEL TAX ACT [Section 12.1]. Regulation of the Victoria Regional Transit Commission, dated March 19, 2008.

VICTORIA REGIONAL TRANSIT COMMISSION REGULATION No. 29-2008

A regulation to prescribe a tax on land and improvements and to implement

a tax on motor fuel in accordance with

section 15 (2) (

b) of the

British Columbia Transit Act and

section 12.1 of the Motor Fuel Tax Act .

WHEREAS British Columbia Transit has established a regional transit service area (the "Victoria Regional Transit Service Area") being an area comprised of all incorporated areas of the Capital Regional District and unincorporated areas of the Capital Regional District which are part of the Juan de Fuca Electoral Area excluding the Malahat and Renfrew Land Districts;

AND

WHEREAS the Victoria Regional Transit Commission (the "Commission") is required to contribute a prescribed portion of the annual cost of operating a public transportation system within the Victoria Regional Transit Service Area;

AND

WHEREAS the Commission may, in accordance with

section 15 (2) (

b) of the British Columbia Transit Act and

section 12.1 of the Motor Fuel Tax Act , raise the prescribed portion of such annual cost by means of a tax on the net taxable value of land and improvements and a tax on motor fuel;

AND

WHEREAS the estimated annual cost of operating the public transportation system in the Victoria Regional Transit Service Area for the year commencing April 1, 2008 is $82 572 000, and the Commission's share of such cost is $57 540 000;

AND

WHEREAS the amount required to be raised by the Commission after deducting estimated annual revenues is $25 968 000;

AND

WHEREAS, of the amount to be raised by the Commission, it is estimated that $14 568 000 will be raised by a tax on the net taxable value of land and improvements under

section 15 (2) (

b) of the British Columbia Transit Act , and $11 400 000 will be raised by a motor fuel tax under

section 12.1 of the Motor Fuel Tax Act ;

THEREFORE the Victoria Regional Transit Commission, in open meeting assembled, enacts as follows:

1 The Victoria Regional Transit Commission,

(

a) in accordance with

section 15 (2) (

b) of the British Columbia Transit Act , prescribes a tax on the net taxable value of land and improvements as set out in this regulation, and

(

b) will apply, to the prescribed portion of the estimated annual cost of operating the public passenger transportation system in the Victoria Regional Transit Service Area, the revenues raised within the Victoria Regional Transit Service Area pursuant to

section 12.1 of the Motor Fuel Tax Act .

2 The Victoria Regional Transit Commission, under

section 15 (2) (

b) of the British Columbia Transit Act , prescribes, for the year 2008, a tax on the net taxable value of land and improvements in the Victoria Regional Transit Service Area, other than land and improvements that are taxable for school purposes only by special Act, at the rate of $0.1424 per $1 000 of the net taxable value of land and improvements of property in Class 1, $0.7120 per $1 000 of the net taxable value of land and improvements of property in Classes 2, 4, 5, 6 and 7, and $0.1424 per $1 000 of the net taxable value of land and improvements of property in Classes 8 and 9, which classes are designated from the Classes prescribed under

section 19 of the Assessment Act .

3 In the event that the taxes referred to in this Regulation and the annual revenue estimated to accrue to the Commission are less than sufficient for the Commission to raise its prescribed portion of the annual cost of operating the public passenger transportation system for the year commencing April 1, 2008, the shortfall shall be taken from the funds held in trust by British Columbia Transit for the Commission.

4 In the event that the taxes referred to in this Regulation and the annual revenue estimated to accrue to the Commission are more than sufficient for the Commission to raise its prescribed portion of the annual cost of operating the public passenger transportation system for the year commencing April 1, 2008, the excess shall be added to the funds held in trust by British Columbia Transit for the Commission.

5 This regulation May be cited as the "Victoria Regional Transit Regulation No. 29-2008".

— D. AMOS, Chair, Victoria Regional Transit Commission.

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