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Rate of interest under section 51(1)(b) of Act

Sewerage and Drainage (Sanitary Works and Sewerage Works) Regulations

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—(1) For the purposes of section 51(1)(b) of the Act, the prescribed rate of interest is 1.5%-point above the 3-month compounded SORA for the period of the payment of the instalments referred to in that provision.(2) In this regulation —“3-month compounded SORA”, in relation to a period, means —(a)if the period or a part of the period falls within the 6‑month period beginning on 1 April of a calendar year then, for the period or the part (as the case may be) — the compounded average of the SORA values for a 3-month period computed by the Monetary Authority of Singapore using the prescribed methodology, and published on the following day at http://www.mas.gov.sg or (where the website is unavailable to the public) in one or more other forms that are readily accessible by the public:(i)if 1 March of that calendar year is a business day — that day;(ii)if 1 March of that calendar year is not a business day — the last business day in February of that calendar year; or(b)if the period or a part of the period falls within the 6-month period beginning on 1 October of a calendar year then, for the period or the part (as the case may be) — the compounded average of the SORA values for a 3-month period computed using the prescribed methodology, and published on the following day at http://www.mas.gov.sg or (where the website is unavailable to the public) in one or more other forms that are readily accessible by the public:(i)if 1 September of that calendar year is a business day — that day;(ii)if 1 September of that calendar year is not a business day — the last business day in August of that calendar year;“business day” means any day other than a Saturday, Sunday or public holiday;“prescribed methodology” means the methodology set out in the document called “Compounded Singapore Overnight Rate Average Index (“SORA Index”), Compounded SORA and MAS Floating Rate Notes (“MAS FRN”): A User Guide” dated 16 March 2021;“Singapore Overnight Rate Average” or “SORA” means the volume-weighted average rate of borrowing transactions in the unsecured overnight interbank Singapore dollar cash market in Singapore between 8 a.m. and 6.15 p.m., as determined and published by the Monetary Authority of Singapore on its website at http://www.mas.gov.sg or (where the website is unavailable to the public) in one or more other forms that are readily accessible by the public.

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