29. Parking Facilities for Employees
(a) Parking facilities will be provided by the Division where in the opinion of the Division, land is available for this purpose without curtailing the playground requirements of a school. The Division will levy an annual rent to be paid by employees using the parking facilities. The annual rental will be equal for all employees using the parking facilities and the aggregate rent will be sufficient to cover the aggregate cost of providing and maintaining all the parking facilities, excluding the cost of providing the land.
The money advanced by the Division, for the construction of parking facilities, shall be repaid, from the rents collected in twenty (20) annual consecutive installments of principal and interest of an approximate equal aggregate annual amount. In the case of money advanced by the Division to pay for the equity in existing parking facilities, the number of annual installments shall be twenty (20), minus the number of years that the facility being acquired has been in existence.
The money advanced by the Division for the construction of existing parking facilities at the Administration Building, Technical‑Vocational High School, St. John’s, Kelvin, River Heights and David Livingstone Schools, shall bear interest on outstanding balances at the following rate:
|3% for the First 5 year period|
|4% for the Second 5 year period|
|5% for the Third 5 year period|
|6% for the Fourth 5 year period|
calculated from the date in each instance that the money was advanced by the Division. All money advanced by the Division, for the construction of other parking facilities including any new facilities to be constructed at the aforementioned locations, shall bear interest at the same rate as the Division is required to pay from time to time on any borrowing from its Bank during the period the advance from the Division remains unpaid.
It is not intended that there shall be a surplus or deficit from the operation of the parking facilities.
(b) Nothing herein contained is to be construed as an obligation on the part of the Division to acquire land or any interest in the land for parking purposes.