111 Land Use Charge Collection Account

(1) The Commissioner responsible for Finance shall cause an account to be opened to be known as the Land Use Charge Collection Account, consisting of all Land Use Charge payments deposited in each designated bank in accordance with this Bill.

(2) At the beginning of each month, the Service shall furnish the Commissioner for Finance the total amount of Land Use Charge payments on deposit in the Account.

(3) The Service shall, not later than ten (10) days after a meeting of the State Joint Local Government Account Committee, pay to each Local Government Council in the State its share of the Land Use Charge collected and standing on deposit in the Land Use Charge Collection Account.

(4) The share to be paid by the Service to each Local Government Council shall be such percentage of the Net Land Use Charge on deposit at the end of each month with 40% due to the State and 60% to the Local Government Areas or such other formula as may be approved by a resolution of the State House of Assembly.