HomeMy WebLinkAboutBy-law 1424/82THE CORPORATION OF THE TOWN OF PICKERING
BY-LAW NO. 1424/82
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 Inter-
est and Discount Rates Act, 1981, S.O. 1981, chapter 26, a municipality
may, by by-law, provide that the interest rate payable on overdue pay-
ments 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 plus 1-1/2
per cent per annum; and
WHEREAS the prime rate of interest of the Canadian Imperial Bank of
Commerce on this 18th day of January, 1982 is 16.5 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 18.0 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 1.5 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 1983; or
(b) March 31st, 1983.
3. No interest added to taxes shall be compounded.
4. 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repealed and replaced by the provisions of this By-Law.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
18th day of January, 1982.
and third time and finally passed this
.//M-ayor
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