12. Within 90 days following receipt by the Minister of the municipality’s financial report for the fiscal year for which the compensation is payable, the Minister pays the municipality the balance of the amount to which it is entitled based on the highest of its rates between the effective and the weighted aggregate taxation rates established for that fiscal year.
Notwithstanding the foregoing, where that amount is less than the amount that the Minister paid to it under section 9, the amount collected in excess shall be refunded in accordance with Subdivision 3.
For the purposes of the first paragraph, a financial report is deemed to have been received only if it complies with the Act governing the municipality in that matter.
O.C. 1086-92, s. 12; O.C. 1055-95, s. 6; O.C. 313-99, s. 4; O.C. 126-2010, s. 4.