(cf clause 111 of EP[#38]A Regulation 1994)
(1) Any assessment to be made on a council under section 7.42(1) of the Act is to be made in accordance with the following formula--
"Contribution" represents the amount to be contributed by the council.
"Total assessment" represents the total assessment for the development area, as referred to in section 7.42(1) of the Act.
"Rateable value of council" represents the value shown in the statement given by the council in relation to the assessment payable during the calendar year ending 31 December 1990 in respect of rateable land in the area or part of the area of the council.
"Rateable value of all councils" represents the total of the values shown in the statements given by all councils in the development area in relation to the assessment payable during the calendar year ending 31 December 1990 in respect of all rateable land in the areas or parts of the areas of all such councils.
(2) The corporation is not obliged to notify a council of its intention to make an assessment, but (if an assessment is made) must serve notice of the assessment on each relevant council.
(3) The notice must be served on or before 1 April before the financial year in which the assessed amount is to be paid.
(4) For the purposes of section 7.42(4) of the Act, the prescribed day is the day occurring 3 months after notice of the assessment is served on the council.