Section 5 BEFORE re-enacted by BC Reg 190/2025, effective January 1, 2026.
Payment of charge in full
5 A developer must pay the development cost charge in full within 2 years after the date that the developer obtains a building permit or approval of a subdivision by paying not less than
(a) 1/3 of the total development cost charge at the time of obtaining the building permit or approval of the subdivision, and
(b) 1/2 of the balance within one year after the date of obtaining the building permit or approval of the subdivision.
Section 8 BEFORE re-enacted by BC Reg 190/2025, effective January 1, 2026.
Surety for payment in instalments
8 A developer who elects to pay a development cost charge in instalments must deposit with the authority, at the same time as the developer pays the first instalment,
(a) an irrevocable letter of credit or undertaking from a bank, or a credit union or trust company that has a business authorization issued under the Financial Institutions Act,
(b) a bond of an insurer that has a business authorization issued under the Financial Institutions Act, or
that ensures to the satisfaction of the authority that upon default the balance of the unpaid development cost charge will be recoverable from the person, the bank, the credit union, the trust company or the insurer or from the proceeds of the realization of the security, as the case may be.