Rates on said lands and rest of Cambridge district, how to be determined
7A Rates on said lands and rest of Cambridge district, how to be determined
[(1), (2) deleted]
In respect of each financial year the Town of Cambridge shall determine the general rate to be imposed in relation to —
the said lands, which general rate shall yield an amount (in this subsection called the endowment lands assessment) equal to the same percentage proportion (calculated to the nearest first decimal place) of the budget deficiency of the local government in respect of that financial year as the percentage proportion which the aggregate of the gross rental values of all land in the said lands bears to the aggregate of the gross rental values of all land in the district; and
the remainder of the district, which general rate shall yield the amount remaining after subtracting the endowment lands assessment from the amount of the budget deficiency of the local government in respect of that financial year.
[(4) deleted]
In this section —
budget deficiency has the same meaning as in section 6.1 of the Local Government Act 1995;
district means the local government district of Cambridge;
first decimal place means first decimal place after the decimal point in the number concerned;
general valuation has the meaning given by section 4 of the Valuation of Land Act 1978;
gross rental values, in relation to land in the said lands or in the district in a particular financial year, means the gross rental values set out in the most recent general valuation of land in the district determined by the Valuer‑General under the Valuation of Land Act 1978;
remainder of the district means that portion of the district remaining after subtracting the area of the said lands from the district.
[Section 7A inserted: No. 2 of 1980 s. 4; amended: No. 7 of 1981 s. 2; No. 38 of 1993 s. 22; No. 14 of 1996 s. 4.]
[8-10. Deleted: No. 38 of 1993 s. 22.]
[Parts III-V (s. 11-38) deleted: No. 38 of 1993 s. 22.]
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