Disposition of rates

(1) Subject to subsection (2) of this section, all rates paid under this Act in respect of any property in a town shall be placed to the credit of the funds of the local authority of that town. (2) All such rates paid in respect of Ambergris Caye (excluding the area comprised in the Town of San Pedro), Caye Caulker and St. George’s Caye shall be placed to the credit of the Government. (3) All penalties imposed under this Act shall follow the disposition of the rates in respect of which they are imposed.