438_2003 — Improvement District Tax Regulation

s. 1 — Relationship between improvement tax rates for different property classes

If taxes are imposed the relationships between tax rates, expressed as ratios of the rate on each property class to the rate on Class 1, must be as set out in the following Schedule: Schedule

s. 1(a)

in a rural area under section 711 [tax collection on behalf of improvement district] of the Local Government Act, or

s. 1(b)

under section 714 [taxes levied by improvement district] of the Local Government Act,

s. 2 — Interest on refund of improvement district tax sale money

s. 2(1)

The following rules apply to interest payable under section 725 (5) [refund if government refuses improvement district tax sale purchaser] of the Local Government Act:

s. 2(1)(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;

s. 2(1)(b)

the interest is to be compounded monthly;

s. 2(1)(c)

interest stops running on the day

s. 2(1)(c)(i)

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

s. 2(1)(c)(ii)

payment is made.

s. 2(2)

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