Singapore legislation

Regulation 4

Sinking funds

Amended byS 186/2017 wef 01/04/2017S 186/2017 wef 01/04/2017S 186/2017 wef 01/04/2017S 179/99 wef 15/04/1999S 186/2017 wef 01/04/2017S 186/2017 wef 01/04/2017S 186/2017 wef 01/04/2017S 179/99 wef 15/04/1999S 186/2017 wef 01/04/2017S 637/2007 wef 01/12/2007

Subregulation 1

Amended byS 186/2017 wef 01/04/2017

A Town Council must establish and maintain, as part of the Town Council Fund, separate sinking funds as follows each for residential property and for commercial property within its Town:

(a)

lift replacement funds;

(b)

ordinary sinking funds.

Subregulation 2

Amended byS 186/2017 wef 01/04/2017

For every financial year, a Town Council must fix, in conformity with the Town Councils (Minimum Contributions to Sinking Funds) Financial Rules 2017 (G.N. No. S 185/2017) —

(a)

the amount of conservancy and service charges which are levied by, and are paid or due and payable, or both, to the Town Council in the financial year; and

(b)

the amount of grants‑in‑aid received by the Town Council in the financial year,that must be paid or credited by the Town Council respectively, into the lift replacement funds and ordinary sinking funds established by that Town Council.

Subregulation 2A

Amended byS 186/2017 wef 01/04/2017S 179/99 wef 15/04/1999S 186/2017 wef 01/04/2017S 186/2017 wef 01/04/2017

A Town Council shall maintain separate bank accounts for the funds established for —

(a)

the management and maintenance of residential property and commercial property within the Town; (b)the ordinary sinking fund established for residential property and commercial property within the Town; and

(c)

the lift replacement fund established for residential property and commercial property within the Town.

Subregulation 2B

Amended byS 186/2017 wef 01/04/2017S 179/99 wef 15/04/1999S 186/2017 wef 01/04/2017

Within one month from the end of each quarter of each financial year, a Town Council shall —

(a)

transfer to the bank account of the respective lift replacement funds and ordinary sinking funds established for the residential and commercial property within the Town, the amount of conservancy and service charges, grants-in-aid and interest that are payble to the respective lift replacement funds and ordinary sinking funds and that were received by the Town Council; and

(b)

reflect the outstanding conservancy and service charges and interest that are payable to the respective lift replacement funds and ordinary sinking funds established for the residential and commercial property within the Town as a debt owing to the relevant sinking fund on the books of accounts.

Subregulation 3

Amended byS 637/2007 wef 01/12/2007

A Town Council shall establish and maintain, as part of the Town Council Fund, separate revolving loan funds, from the surplus of revenue over expenditure or grants-in-aid made to the Town Council under section 42 of the Act, for the purpose of meeting expenditure under the loan schemes approved by the Town Council under rule 42.

Read in full context — Town Councils Financial Rules →