The BID Revenue Account. 5.1. Pursuant to Clause 47 of the Local Government Xxx 0000, the Council shall establish a BID Revenue Account by the start of the BID Term.
The BID Revenue Account. 4.1 The Council shall set up the BID Revenue Account and confirm in writing to the BID Company that the BID Revenue Account has been set up.
4.2 The BID Company shall provide the Council with details of its own bank account into which payments are to be made by the Council under Clause 8.
The BID Revenue Account. The arrangements for the operation of the BID Revenue Account and the receipt of payments by the BID Company in respect of the BID Levy are as follows;
3.1. The Council will operate and maintain the BID Revenue Account in accordance with the statutory provisions of Section 47 of the Act of 2003.
3.2. The BID Company and the Council will co-operate in the annual preparation of the BID Company Cash Flow Forecast and will ensure that the BID Company Cash Flow Forecast for each financial year after the Commencement Date will be agreed between them no later than 3 months before the Commencement Date of such financial year.
3.3. The Council will make payments of the BID Xxxx received and credited to the BID Revenue Account in accordance with the BID Company Cash Flow Forecast.
3.4. Where, as a consequence of a failure to pay or delay in the receipt of the BID Xxxx from those obliged to pay it the Council finds that it has insufficient funds in the BID Revenue Account to make payments to the BID Company as envisaged under 3.3 above, the Council shall not be obliged to make payments to the BID Company from the BID Revenue Account as envisaged by the Cash Flow Forecast unless or until such funds are available. The Council will consider advancing payments to the BID Company in line with the BID Company Cash Flow Forecast provided that it is satisfied that there is sufficient evidence to indicate that BID Levy payments are being made by non-domestic ratepayers within the BID Area.
3.5. The Council will enforce the payment of the BID Levy in accordance with the usual procedures adopted by the Council in relation to the payment of non-domestic rates and in line with any guidance provided by HM Government for BID Levy payments including the recovery of costs and charging of interest.
The BID Revenue Account. 6.1 The Council must in accordance with section 37(1) of the Planning etc. (Scotland) Act 2006 keep an account to be called the BID Revenue Account and keep the BID Revenue Account in accordance with schedule 3 of the Regulations.
6.2 Within 10 days from the Ballot Result Date the Council shall set up a BID Revenue Account within its general ledger and provide written confirmation to the BID Company once this has been carried out.
6.3 Within 10 days from the Ballot Result Date the BID Company shall provide the Council with details of its own bank account into which the BID Levy shall be transferred electronically from the BID Revenue Account on production of an invoice by the BID Company in accordance with Clause 8.9.
6.4 Where the BID Company receives Council Funding and / or External Funding, the full sum of that Council Funding and / or External Funding (as appropriate) shall be credited directly to the BID Revenue Account with no sums deducted by the Council in accordance with Clause 7 below.
6.5 Any commitment by the Council to provide Council Funding to the BID Company for any period exceeding the term of the Council as presently constituted up to the BID Term shall bind any succeeding Council to continue to provide the Council Funding.
7. Debits from the BID Revenue Account 7.1 The Council undertakes at all times to adhere to the provisions of Part 2 of schedule 3 of the Regulations.
The BID Revenue Account. 4.1 The Council shall set up the BID Revenue Account and the BID Company shall provide the Council with details of its own bank account into which the BID Levy shall be transferred electronically from the BID Revenue Account on production of an invoice by the BID Company in accordance with clause 7.8.
4.2 Interest earned on money in the BID Revenue Account shall form part of the BID Levy and be payable to the BID Company
The BID Revenue Account. As soon as is reasonably practicable following the Ballot Result Date the Council shall keep a BID Revenue Account in accordance with regulations and accounting codes of practice in force at the time and provide written confirmation to the BID Company of the same. As soon as reasonably practicable following the Ballot Result Date, the BID Company shall provide the Council with details of its bank account into which the BID Levy shall be transferred from the BID Revenue Account and any other details which the Council may reasonably require. The Council will pay to the BID Company on account for services provided in administering the BID arrangements on behalf of the Council a sum equal to the monies collected in the quarter and properly credited to the BID Revenue Account net of cost of collection and refunds, such payment to be made within 10 working days of the quarter end. On an annual basis, the Council will pay to the BID Company or receive from it the balance of monies, having taken account of the quarterly on account payments and balance on the BID Revenue Account at the year end. The final payment will be made within 30 days following the year end. All sums will be subject to Value Added Tax (VAT) where applicable under VAT legislation and regulations in force at the time. The BID Company and the Council as appropriate will issue VAT receipts, where applicable under VAT legislation and regulations in force at the time, for monies received within seven working days of receipt of such monies.
The BID Revenue Account. 5.1 The Council shall pay to the BID Company in accordance with the Regulations:
(i) 1st October - 25% of invoiced debt less any recovery costs incurred by the Council and any repayments to BID Levy Payers under clause 5.2 of this Agreement.
(ii) 1st January – 25% of invoiced debt less any recovery costs incurred by the Council and any repayments to BID Levy Payers under clause 5.2 of this Agreement.
(iii) 1st April – 25% of invoiced debt less any recovery costs incurred by the Council and any repayments to BID Levy Payers under clause 5.2 of this Agreement.
(iv) 1st July – Any further balance collected less any recovery costs incurred by the Council and any repayments to BID Levy Payers under clause 5.2 of this Agreement.
(v) 1st September – Any further balance collected less any recovery cost incurred and any repayments to BID Levy Payers under clause 5.4 of this Agreement.
5.2 Within ninety days from the Ballot Result Date the BID Company shall provide the Council with details of its own bank account into which the BID Xxxx shall be transferred electronically from the BID Revenue Account on production of an invoice by the BID Company in accordance with clause 5.1.
5.3 Interest earned on money in the BID Revenue Account shall form part of the BID Levy and be payable to the BID Company.
5.4 In the event that a BID Levy Payer is entitled to a repayment of a BID Xxxx pursuant to paragraph 8(4) of Schedule 4 of the Regulations and in the event that the Council has paid such BID Levy to the BID Company including all of the contingency relating to that BID Xxxx the Council shall request such repayment sum from the BID Company and the BID Company shall pay the repayment sum to the Council by way of reduction in the quarterly payments, as scheduled in 5.1, and the Council shall thereafter repay the repayment sum to the BID Xxxx Xxxxx. For the avoidance of doubt the BID Company shall reimburse the Council forthwith for any repayment of BID levy in circumstances where the repayment falls due after payment by the Council of the last quarterly payment within the BID term referred to in 5.1.
5.5 The BID Company shall issue to the Council a VAT invoice for the payment of the BID Levy income upon advice from the Council of the amount due.
5.6 The BID Company may only spend the BID Levy in accordance with the BID Proposals; except that if the BID is varied then from the date of the variation takes effect the BID Company may only spend the BID Levy in accordance with the...
The BID Revenue Account. 7.1 WHBC shall have in place for the 1st March in the first year and 1st March of each BID financial year, thereafter, a BID Revenue Account.
7.2 WGCBL shall provide WHBC with details of its bank account and sort code by 1st March in the first year and 1st March of each year thereafter, or the next available working day preceding the start of the BID financial year.
7.3 WHBC shall have set up in its Accounts Payable system by the 1st March of the first year and 1st March of each BID financial year thereafter, the WGCBL bank account and sort code details for payment by BACS, or other bank to bank transfer, of the monthly levy payments from the BID Revenue Account.
The BID Revenue Account. 5.1. As soon as is reasonably practicable from the date of this Agreement the Council shall keep a BID Revenue Account within the Council’s General Fund and provide written confirmation to the BID Company of the same.
5.2. The Council shall pay to the BID Company, upon the expiry of the first month following the commencement of the BID Term and every month thereafter, the BID Levy collected in that month less a contingency and such contingency shall be determined as follows:
The BID Revenue Account. 5.1 The Council shall create a collection system and keep a BID Revenue Account in accordance with the Regulations and accounting codes of practice in force at the time and provide written confirmation to the BID Company.
5.2 As soon as reasonably practicable following the Commencement Date the BID Company shall provide the Council with details of its bank account into which the BID Levy shall be transferred from the BID Revenue Account and any other details which the Council may reasonably require.
5.3 The Council shall, within 7 working days of 31st January, 28th February, 31st May, 31st July (2024 only), 31st August and 30th November in each year of the BID Term, issue a notification to the BID Company of the total BID Levy sums collected by it in that quarter (or shorter period if the date is not a quarter date). The Council will however consider any request from the BID Company for an invoice to be raised outside of these periods where there are exceptional cashflow issues.
5.4 Upon receipt of a statement from the Council under clause 5.3 the BID company shall within 5 working days issue a VAT invoice to the Council for the amount set out in the statement.
5.5 The Council will pay the BID company invoice within 20 working days.
5.6 In managing the BID Revenue Account the Council will at all times comply with the service levels set out in the service specification at Appendix B to this Agreement.
