In accordance with the Articles of the Association the Board has approved an increase of 11.58% with respect to the Indenture Charges due for each vacant lot effective May 1, 2012. The Articles govern the amount by which the Indenture Charges may be increased as follows:
Firstly the annual “Indenture Charge” which is subject to upwards revision every five (5) years and adjusted to reflect any increase in the cost of living as published by the Bureau of Labour Statistics of the United States Department of Labour to be paid on the first day of January every year by the member to the Association under the provisions of the Founding Agreements.
The last increase was in January 2006 therefore the next revision was due in January 2011. The Board has determined that the increase will not be retroactive. The revised fees are as follows:
Where the Indenture Charges were previously $1,245.72 the increase will be $144.25 per annum ($96.16 for the period from May 1, 2012 to December 31, 2012).
Where the Indenture Charges were previously $1,500.00 the increase will be $173.70 per annum ($115.80 for the period from May 1, 2012 to December 31, 2012).
Bills will be despatched imminently for the 2011 adjustment which are due for payment May 1, 2012 and the next review is due January 1, 2016.