Street Works (Recovery of Costs and Expenses — Prescribed Fee and Rate of Interest) Regulations 1996

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No. S 447

Street Works Act

(Chapter 320A)

Street Works (Recovery of Costs and Expenses — Prescribed Fee and Rate of Interest) Regulations 1996

In exercise of the powers conferred by section 53 of the Street Works Act, the Land Transport Authority of Singapore, with the approval of the Minister for Communications, hereby makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Street Works (Recovery of Costs and Expenses — Prescribed Fee and Rate of Interest) Regulations 1996 and shall come into operation on 4th October 1996.

Prescribed fee

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

Prescribed rate of interest

3. The rate of interest under section 43(8) of the Act shall be 2% per annum above the prevailing prime lending rate of banks in Singapore on the first day of January and July of each year.

Prevailing prime lending rate

4. For the purpose of paragraph 3, the “prevailing prime lending rate of banks in Singapore” means the average prime lending rate at any particular time of the Development Bank of Singapore Ltd, the Overseas-Chinese Banking Corporation Ltd, the United Overseas Bank Ltd and the Overseas Union Bank Ltd.

Cancellation

5. The Local Government Integration (Variation of Interest Rate) Notification is cancelled.

[Cap.166,]

[N 2.]

Made this 26th day of September 1996.

FOCK SIEW WAH

Chairman,
Land Transport Authority of Singapore.

[LTA/LG/43.04.00/04(96-213); AG/SL/52/95 Vol. 1]

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