HomeMy WebLinkAboutBy-law 2131/86THE CORPORATION OF THE TOWN OF PICKERING
BY-LAW NL~ER 2131/86
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 municipality 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 in~nediately
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 Cu~l~rce during
this period was 10.5 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 Picketing on the effective date of this by-law shall be 12.0 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 Picketing interest at the rate of 1.00 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 1987; or
b) March 31st, 1987
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Section 2210.4 of the Town of Pickering Municipal Code is hereby repealed and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 20th day of
January, 1986.
THE CORPORATION OF THE TOWN OF PICKERING
BY-LAW ~ER 2131/86
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 municipality 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 i~iately
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 C~,,~erce during
this period was 10.5 per cent;
NOW THEREFORE the Council of the Corporation of the T~a of Pickering HEREBY ENACTS as
follows:
The interest rate payable on overdue payments of taxes owing to the Corporation
of the Town of Picketing on the effective date of this by-law shall be 12.0 per
cent per annum.
The Treasurer shall add to the s~ount of all overdue payments of taxes owing to
the Corporation of the Town of Pickering interest at the rate of 1.00 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 1987; or
b) March 31st, 1987
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 20th day of
January, 1986.
Clerk