Definitions

1   In this regulation:

"charge" means a development cost charge imposed under section 559 (1) of the Local Government Act for a subdivision approval or grant of a building permit;

"developer" means every person on whom a charge is imposed.

[am. B.C. Reg. 98/2018, Sch. 2.]

Payment may be by instalment

2   A developer liable to pay a charge may elect to pay it by instalments, subject always to the conditions set out in sections 3 to 7.

Exception

3   Section 2 does not apply where the charge is under $50 000 unless the council has by bylaw authorized that all charges under $50  000 imposed within its jurisdiction may be paid by instalments in accordance with this regulation.

Payment of charge in full

4   The developer shall pay the charge in full within 2 years after the date that the subdivision is approved or the building permit is granted by paying not less than

(a) 1/3 of the total charge at the time of the approval of the subdivision or granting of the permit, and

(b) 1/2 of the balance within one year after the date of the approval of the subdivision or granting of the permit.

Failure to pay instalment

5   Where a developer elects to pay the charge by instalments and fails to pay an instalment within any time required for payment by section 4, the total balance of the charge becomes due and payable immediately.

Interest

6   No interest is payable on the unpaid balance of a charge until it becomes due and payable, but when it does, it is a condition of election under section 2 that interest is payable from that date until payment at the rate or rates prescribed under section 11 (3) of the Taxation (Rural Area) Act for the period of non-payment.

Surety for payment by instalment

7   A developer electing to pay a charge by instalments must deposit with the treasurer at the same time as the developer pays the first instalment

(a) an irrevocable letter of credit or undertaking from a bank, or a credit union or trust company that has a business authorization issued under the Financial Institutions Act, or

(b) a bond of an insurer that has a business authorization issued under the Financial Institutions Act, or

(c) a security duly assigned

which ensures to the satisfaction of the treasurer that upon default the balance of the unpaid charge will be recoverable from the person, the bank, the surety or from the proceeds of the realization of the security, as the case may be.

[am. B.C. Regs. 58/85; 255/2011.]