185LCladding rectification charge

185L Cladding rectification charge (1) After entering into a cladding rectification agreement a Council must, in accordance with the conditions of that agreement, declare a cladding rectification charge in respect of the rateable land that is the subject of the cladding rectification agreement. (2) Subject to the provisions of the cladding rectification agreement, the cladding rectification charge may be varied to provide for any of the following— (a) a variation in the works; (b) a variation in the cost of the works; (c) an additional penalty interest in the event of a failure to pay the charge in accordance with the cladding rectification agreement. (3) This Act applies to a cladding rectification charge as if it were a service charge. (4) A Council may, by instrument of delegation, delegate to the Chief Executive Officer the power to declare and levy a cladding rectification charge. (5) A cladding rectification charge must not exceed the expected value of the rateable land after the works are completed, unless all the existing mortgagees agree. (6) A cladding rectification charge must be expressed to be repayable in equal instalments over a period of no less than 10 years. S. 185M inserted by No. 46/2018 s. 79.