HomeMy WebLinkAboutBy-law 3922/92 THE CORPORATION OF THE TOWN OF PICKERING
BY-LAW NUMBER 3922/92
Being a by-law to establish a penalty for
non-payment of current taxes.
WHEREAS pursuant to the provisions of section 5 of the Municipal ~nterest
and Discount Rates Act, R.S.O. 1990, c. M.58, a municipality may, by
by-law, impose a percentage charge as a penalty for non-payment of taxes
not exceeding one-twelfth of the prime rate percentage on the day the
by-law is passed or any day within the 14 day period prior to the date
the by-law is passed, plus one-eighth of one percent, subject to certain
condi%ions; and
WHEREAS the prime rate of interest of the Canadian Imperial Bank of
Commerce, on the day this by-law is passed or any day within the 14 day
period prior to the date the by-law is passed was 8.00 percent;
NOW THEREFORE the Council of the Corporation of the Town of Pickering
HEREBY ENACTS as follows:
1. As a penalty for the non-payment of taxes, a percentage charge of
0.79 percent shall be imposed on the first day of default and on
the first day of each calendar month thereafter in which default
continues, but not after the end of the year in which the taxes are
levied.
/1) The Town Treasurer shall give notice of this by-law in
accordance with section 39916) of the Municipal Act, R.S~O.
1990, c. M.45
12) For the purposes of subsection /1), the Town Treasurer is
hereby authorized to mail the notice or cause it to be
mailed to the address of the residence or place of business
of each person taxed.
3. The penalty charge imposed by this by-law for the year 1992 shall
take effect on the 1st day of March, 1992.
4. Section 2210.3 of the Town of Pickering Municipal Code is hereby
repealed and replaced by the provisions of this by-law.
BY-LAW READ a first, second and third time and finally PASSED this 20th
day of January, 1992.
Mayor