181DEnvironmental upgrade agreement provisions

181D Environmental upgrade agreement provisions (1) An environmental upgrade agreement must— (a) be in writing; and (b) outline the works to be undertaken on the rateable land of the owner. (2) An environmental upgrade agreement must contain provisions that provide for the lending body advancing funds to an owner on the following conditions— (a) that the owner use the funds advanced to conduct works on the rateable land for the purposes of the environmental upgrade agreement; (b) that the owner or any occupier or both the owner and any occupiers (as the case requires) pay the environmental upgrade charge or charges levied by a Council in respect of the rateable land to which the agreement applies; (c) that a Council uses the funds received under the environmental upgrade charge or charges to repay the lending body the principal amount initially advanced to the owner plus any agreed interest accrued since that advance. (3) An environmental upgrade agreement must specify the following— (a) the total amount being advanced by the lending body under the agreement; (b) the total amount of each environmental upgrade charge to be levied under the agreement; (c) the repayment schedule in respect of each environmental upgrade charge to be levied by a Council in accordance with the agreement; (d) the total amount of the environmental upgrade charges to be declared by a Council under section 181C in accordance with the agreement; (e) the total amount of any Council administration costs to be included as part of the environmental upgrade charge or charges; (f) that if a Council adjusts an environmental upgrade agreement in accordance with section 181F(1), and as a consequence of that adjustment, refunds an amount to an owner or any occupier or an owner and any occupier (as the case requires) in accordance with section 181F(2), the lending body must reimburse the Council for all or part of the amount refunded if the Council passed all or part of that amount on to the lending body before the Council made the adjustment. (4) An environmental upgrade agreement may provide the following— (a) that an amount, in addition to any other liabilities a party may have under the agreement, may be payable by a party if a party to the agreement fails to comply with the agreement; (b) that, in the event of nonpayment of an environmental upgrade charge by the owner or any occupiers, if a Council imposes penalty interest rates on the owner or any occupiers as a consequence of that nonpayment, the Council may provide a proportion of that penalty interest to the lending body. (5) A provision of an environmental upgrade agreement must not be contrary to this Division. S. 181E inserted by No. 39/2015 s. 4.