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Statutes of Newfoundland 1992


CHAPTER 31

CHAPTER 31

AN ACT TO AMEND THE MUNICIPAL GRANTS ACT

(Assented to December 23, 1992)

Analysis

1. S.3 R&S
Municipal operating grant

2. Ss. 4, 5 & 6 Rep.
4. Tax incentive grant
5. Grant reduction
6. Considered tax yield

3. S.10 R&S
Water and sewer subsidy

4. Commencement

Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:


RSN 1990 cM-22

1. Section 3 of the Municipal Grants Act is repealed and the following substituted:

Municipal operating grant

3. (1) The minister shall annually, out of funds provided by the Legislature for that purpose, grant to each municipality an amount of money to be known as the municipal operating grant, and composed of

(a) an amount prescribed by regulation, to be known as the equalization component, payable as a percentage of property tax revenues in a municipality where property values are lower than average, and as an amount for each household in a municipality where property tax is not imposed;

(b) an amount prescribed by regulation, to be known as the local revenue incentive component, payable as a percentage of local revenues for each household in the municipality;

(c) an amount prescribed by regulation, to be known as the household component, payable as an amount for each household in the municipality; and

(d) an amount prescribed by regulation, to be known as the road component, comprising the balance of funds remaining from the total municipal operating grant, and payable as an amount for each kilometre of road in the municipality.

(2) Where the amount of municipal operating grant payable under this section for 1991 is less than or exceeds the total of the general municipal assistance grant and the tax incentive grant payable under the Act for 1990, the municipal operating grant shall be increased or decreased by the amount of the deficiency or excess by 2/3 in 1991, 1/3 in 1992 and not at all in 1993.

2. Sections 4, 5 and 6 of the Act are repealed.

3. Section 10 of the Act is repealed and the following substituted:

Water and sewer subsidy

10. The minister shall, out of funds provided by the Legislature for that purpose, as prescribed by regulation, grant annually to a municipality an amount of money to be known as the water and sewer debt charge subsidy to assist that municipality in the payment of principal and interest on government guaranteed long-term debt incurred in the financing of a water or sewer system in the municipality.

Commencement

4. This Act shall be considered to have come into force on January 1, 1991.

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