HomeMy WebLinkAboutBy-law 1615/83THE CORPORATION OF THE TOWN OF PICKERING
BY-LAW NUMBER 1615/83
Being a by-law to provide for interest to
be added to tax arrears.
WHEREAS pursuant to the provisions of section 3 of the
Municipal Interest and Discount Rates Act, 1982, a munici-
pality may, by by-law, provide that the interest rate
payable on overdue payments of taxes owing to it shall be
at the rate specified therein, which rate shall not exceed
the prime rate of the chartered bank that has the highest
prime rate on the day the by-law is passed or any day within
the 14 day period immediately prior to the date the by-law
is passed, plus 1-1/2 per cent per annum; and
WHEREAS the prime rate of interest of the Canadian Imperial
Bank of Commerce during this period was 12.0 per cent;
NOW THEREFORE the Council of the Corporation of the Town of
Pickering HEREBY ENACTS as follows:
The interest rate payable on overdue payments of taxes
owing to the Corporation of the Town of Pickering on
the effective date of this by-law shall be 13.5 per
cent per annum.
The Treasurer shall add to the amount of all overdue
payments of taxes owing to the Corporation of the Town
of Pickering interest at the rate of 1.125 per cent
per month for each month or fraction thereof, from
the effective date of this by-law until the earlier
of:
(a) the day a by-law in respect of interest payable
on overdue payments comes into force in 1984; or
(b) March 31st, 1984.
3. No interest added to taxes shall be compounded.
Section 2210.4 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is hereby repealed and replaced by the provisions of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 24th day of January, 1983.
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