Local Government Act 2001

F174[Separate BID fund to be established following approval of BID scheme.


129K. (1) Within 60 days after the BID approval date, the rating authority that approves implementation of a BID scheme shall establish a fund ("BID fund") for that scheme.

(2) In the case of a BID scheme that is approved for renewal under section 129B, the BID fund previously established for that scheme is continued on that approval.

(3) The BID fund shall be separate from the local fund of the rating authority and the accounts of the BID fund shall be accounted for separately.

(4) All BID contribution levies collected by the rating authority in respect of the BID scheme shall be paid into the BID fund.

(5) Subject to subsection (6), the BID contribution levies that are collected during a chargeable period shall be paid out of the BID fund to the BID company responsible for the BID scheme as required under the terms of the scheme.

(6) The rating authority may recover from the BID fund all reasonable costs it incurs in performing functions related to the BID scheme.]




Part 13A (ss. 129A-129T) inserted (24.04.2007) by Local Government (Business Improvement Districts) Act 2006 (42/2006), s. 6, S.I. No. 165 of 2007.