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Volume 46, No. 24

B.C. Reg. 438/2003

The British Columbia Gazette,

Part II

December 2, 2003

B.C. Reg. 438/2003, deposited November 28, 2003, pursuant to the LOCAL GOVERNMENT ACT [Sections 756 (9), 757 (7) and 767 (6)]. Order in Council 1115/2003, approved and ordered November 27, 2003.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that the attached Improvement District Tax Regulation is made, effective on the date that

section 239 of the Community Charter comes into force. — G. ABBOTT, Minister of Community, Aboriginal and Women's Services; C. CLARK, Presiding Member of the Executive Council.

IMPROVEMENT DISTRICT TAX REGULATION

Relationship between improvement tax rates

for different property classes

1 If taxes are imposed

(

a) in a rural area under

section 756 [tax collection on behalf of improvement district] of the Local Government Act , or

(

b) under

section 757 [taxes levied by improvement district] of the Local Government Act ,

the relationships between tax rates, expressed as ratios of the rate on each property class to the rate on Class 1, must be as follows:

Property Class

Ratio to

Property Class 1 Rate

1.0 : 1

3.5 : 1

4.0 : 1

3.4 : 1

3.4 : 1

2.45 : 1

3.0 : 1

1.0 : 1

1.0 : 1

Interest on refund of improvement district tax sale money

(1) The following rules apply to interest payable under

section 767 (5) [refund if government refuses improvement district tax sale purchaser] of the Local Government Act :

(

a) the interest rate, for each successive 3 month period beginning on January 1, April 1, July 1 and October 1 in every year, is 2% below the prime lending rate of the principal banker to the Province on the 15th day of the month immediately preceding that 3 month period;

(

b) the interest is to be compounded monthly;

(

c) interest stops running on the day

(

i) an instrument capable of effecting payment of the money owed is delivered or mailed to the person to whom it is owed, or

(ii) payment is made.

(2) Subsection (1) does not operate to require the payment of an amount of interest less than $5.

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