HomeMy WebLinkAboutBy-law 2666/88 THE CORPORATION OF THE TOWN OF PICKERING
BY-LAW NUMBER 2666 /88
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 Interest
and Discount Rates Act, 1982, 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 conditions; 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 9.75 percent;
NOW THEREFORE the Council of the Corporation of the Town of Pickerin9
HEREBY ENACTS as follows:
1. As a penalty for the non-payment of taxes, a percentage charge of
0.9375 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.
2. (1) The Town Treasurer shall give notice of this by-law in
accordance with section 386(6) of the Municipal Act, R.S.O.
1980, c. 302.
(2) For the purposes of subsection Il), 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 1988 shall
take effect on the 1st day of March, 1988.
4. Section 2210.3 of the Town of Pickerin9 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repealed and replaced by the provisions of this by-law.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 1st
day of February, 1988.
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Clerk