In accordance with the Articles of the Association the Board has approved an increase of 9.44% with respect to the Indenture Charges due for each vacant lot effective January 1, 2016. The last revision took place in January 2011. 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 revised rates are shown below and are subject to VAT at the prevailing rate (presently 7.5%):
|Phase V lots||$1,673.70||$1,831.68|
Bills will be issued in December 2015 and will be due on January 1, 2016.