Amount of improvement levy after realisation of capital cost and other charges
12. When in respect of any improvement work-
(a) the capital cost of such work, including the cost of any extensions, improvement or modifications of the work.
(b) the interest charges on such capital cost.
(c) any working loss in any year or years, and
(d) the interest on such loss,
as determined by the Government, have been recovered in full out of the proceeds of the improvement levy, by such annual allocations as may be prescribed, the amount of the improvement levy to be realised for each year in respect of such work shall thereafter be reduced to such a sum as the [Parliament] may, by a resolution, recommend.
Explanation.-The term "working loss" means the sum by which the proceeds of the improvement levy in any year or years fall short of the amount necessary to meet-
(i) the annual allocations for such year or years in respect of the charges specified in clauses (a) and (b), and
(ii) the cost, as determined by the Government, of maintenance and supervision of the improvement work, and of collection of the improvement levy, during such year or years.