222Assessment of loan commitments of councils in development areas—the Act, s 7.42(1)

#### 222 Assessment of loan commitments of councils in development areas—the Act, s 7.42(1) 222 Assessment of loan commitments of councils in development areas—the Act, s 7.42(1) > > (1) An assessment of a council must be made in accordance with the following formula— > > > > %20AND%20(No%3D0759)%20AND%20(Year%3D2021)%20AND%20(%22Historical%20Document%22%3D0))/g1.gif) > > where— > > > > Contribution represents the amount to be contributed by the council. > > > > Total assessment represents the total assessment for the development area, as referred to in the Act, section 7.42(1). > > > > Rateable value of council represents the value shown in the statement given by the council in relation to the assessment payable during the calendar year ending 31 December 1990 for rateable land in the area or part of the area of the council. > > > > Rateable value of all councils represents the total of the values shown in the statements given by all councils in the development area in relation to the assessment payable during the calendar year ending 31 December 1990 for all rateable land in the areas, or parts of the areas, of all the councils in the development area. > > > (2) The Planning Ministerial Corporation is not required to notify a council of its intention to make an assessment. > > > (3) After making an assessment of a council, the Planning Ministerial Corporation must serve notice of the assessment on the council on or before 1 April before the financial year in which the assessed amount must be paid. > > > (4) For the purposes of the Act, section 7.42(4), the prescribed day is the day occurring 3 months after notice of the assessment is served on the council.