Street Works (Recovery of Costs and Expenses — Prescribed Fee and Rate of Interest) Regulations

Status:

Current version
as at 22 Nov 2024

Street Works Act

(CHAPTER 320A, Section 53)

Street Works (Recovery of Costs and Expenses — Prescribed Fee and Rate of Interest) Regulations

Rg 3

REVISED EDITION 1997

(15th June 1997)

[4th October 1996]

Citation

1. These Regulations may be cited as the Street Works (Recovery of Costs and Expenses — Prescribed Fee and Rate of Interest) Regulations.

Prescribed fee

2. The fee payable under section 43(4) of the Act shall be $7.

Prescribed rate of interest

3.—(1) The rate of interest under section 43(8) of the Act is 4.5%‑point above the 3‑month compounded SORA for the period during which any sum remains unpaid at the expiry of the prescribed time.

(2) In paragraph (1) —

“3-month compounded SORA”, in relation to a period, means —

(a)

if the period or a part of the period falls within the 6‑month period beginning on 1 April of a calendar year, then, in relation to the period or the part (as the case may be) — the compounded average of the SORA values for the 3‑month period immediately before 1 March of the same calendar year, as determined and published by the Monetary Authority of Singapore on its website at http://www.mas.gov.sg or (where the website is unavailable to the public) in one or more other forms that are readily accessible by the public;

(b)

if the period or a part of the period falls within the 6‑month period beginning on 1 October of a calendar year, then, in relation to the period or the part (as the case may be) — the compounded average of the SORA values for the 3‑month period immediately before 1 September of the same calendar year, as determined and published by the Monetary Authority of Singapore on its website at http://www.mas.gov.sg or (where the website is unavailable to the public) in one or more other forms that are readily accessible by the public;

“Singapore Overnight Rate Average” or “SORA” means the volume‑weighted average rate of borrowing transactions in the unsecured overnight interbank Singapore dollar cash market in Singapore between 8 a.m. and 6.15 p.m., as determined and published by the Monetary Authority of Singapore on its website at http://www.mas.gov.sg or (where the website is unavailable to the public) in one or more other forms that are readily accessible by the public.

[S 184/2023 wef 01/04/2023]

4. [Deleted by S 184/2023 wef 01/04/2023]

Search within Legislation