sec.49Holder must pay contribution and give surety if estimated rehabilitation cost more than fund threshold

sec.49 Holder must pay contribution and give surety if estimated rehabilitation cost more than fund threshold

This section applies if the estimated rehabilitation cost for the authority is more than the fund threshold applying to the authority. Despite section 47 (2) , the contribution payable must be worked out using the formula— where— A is the fund threshold applying to the authority. B is the prescribed percentage for the authority. C is the amount of the contribution. D is the number of days between the current review day and— for an initial allocation decision—the annual review allocation day occurring more than 9 months after the current review day; or for a changed holder allocation— if a change to the annual review allocation day takes effect on the current review day—the changed annual review allocation day occurring more than 9 months after the current review day; or otherwise—the annual review allocation day occurring more than 9 months after the current review day; or for an annual review decision— if a change to the annual review allocation day takes effect on the current review day—the changed annual review allocation day occurring more than 9 months after the current review day; or otherwise—the next annual review allocation day occurring more than 9 months after the current review day. In addition to paying the contribution worked out under subsection (2) , the holder of the authority must give a surety for the amount that equals the estimated rehabilitation cost for the authority less the fund threshold applying to the authority. s 49 amd 2024 No. 33 s 115 (sec.49-ssec.1) This section applies if the estimated rehabilitation cost for the authority is more than the fund threshold applying to the authority. (sec.49-ssec.2) Despite section 47 (2) , the contribution payable must be worked out using the formula— where— A is the fund threshold applying to the authority. B is the prescribed percentage for the authority. C is the amount of the contribution. D is the number of days between the current review day and— for an initial allocation decision—the annual review allocation day occurring more than 9 months after the current review day; or for a changed holder allocation— if a change to the annual review allocation day takes effect on the current review day—the changed annual review allocation day occurring more than 9 months after the current review day; or otherwise—the annual review allocation day occurring more than 9 months after the current review day; or for an annual review decision— if a change to the annual review allocation day takes effect on the current review day—the changed annual review allocation day occurring more than 9 months after the current review day; or otherwise—the next annual review allocation day occurring more than 9 months after the current review day. (sec.49-ssec.3) In addition to paying the contribution worked out under subsection (2) , the holder of the authority must give a surety for the amount that equals the estimated rehabilitation cost for the authority less the fund threshold applying to the authority.