The BID Revenue Account Sample Clauses

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. 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. 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. 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 Caterham Business Improvement Company Ltd of the same. As soon as reasonably practicable following the Ballot Result Date, Caterham Business Improvement Company Ltd 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 Caterham Business Improvement Company Ltd on account for services provided in administering the BID Arrangements on behalf of the Council, each 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. The payment to be made within 10 working days of the quarter end. Annually, 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 to 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 7 working days of receipt of the monies.

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. 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 the BID Revenue Account within its 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.

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.

The BID Revenue Account. 7.1 BIEL shall have in place for the 1 June of each BID financial year a BID Revenue Account. 7.2 BIEL shall provide NBC with details of its bank account and sort code by 1 May or the next available working day preceding the start of the BID financial year. 7.3 NBC shall have set up in its Accounts Payable system by the 1 June of each BID year the BIEL bank account and sort code details for payment by BACS of the advance payment and monthly levy payments from the BID Creditor Account.

The BID Revenue Account. 5.1. As soon as is reasonably practicable following the Renewal Ballot Result Date and presuming a successful renewal ballot, the Council shall keep a BID Revenue Account in accordance with the Regulations and accounting codes of practice that are in force at the time and provide written confirmation of all relevant details to the Bath BID Company. 5.2. As soon as is reasonably practicable following the Ballot Result Date the Bath 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 Bath BID Company in accordance with clause 7.9. 5.3. Any and all interest which accrues on the BID Revenue Account shall be paid to the Bath BID Company . Any interest accrued shall be paid to the Bath BID Company in accordance with the procedures set out in 7.10. Interest is calculated based on the Bank of England Bank Rate less 0.25%, no interest will accrue where this results in an interest rate of less than 0%.