HomeMy WebLinkAboutBy-law 1348/81THE CORPORATION OF THE TOWN OF PICKERING
BY-LAW NUMBER 1348/81
Being a by-law to provide for interest to
be added to tax arrears.
WHEREAS pursuant to the provisions of The Municipal Interest and
Discount Rates Act, 1981, a municipality may charge interest on
tax arrears; and
WHEREAS Council deems it expedient to impose an interest charge
on tax arrears; and
WHEREAS tax arrears are taxes levied in any year which are due
and unpaid after December 31 of the year in which they were
levied; and
WHEREAS the prime rate of interest of the Canadian Imperial Bank
of Commerce on this 8th day of September, 1981 is 22;°96;
NOW THEREFORE the Council of the Corporation of the Town of
Pickering HEREBY ENACTS as follows:
1. That the interest to be charged on unpaid tax arrears on
the effective date of this by-law shall be at the rate
of 23-3/4% per annum.
2. That the Treasurer shall add to the amount of all tax
arrears due and unpaid interest at the rate of 1.979%
per month for each month or fraction thereof, from the
effective date of this by-law until the earlier of:
(a) the date a by-law in respect of interest chargeable
on tax arrears comes into force in the calendar year
next following the year during which this by-law is
passed;
- or -
(b) the 31st day of March of the year next following the
year during which this by-law is passed.
3. That no interest added to taxes shall be compounded.
4. That this by-law shall take effect on the 1st day of
October, 1981.
5. Section 2210.4 of The Town of Pickering Municipal Code is
hereby repealed.
BY-LAW READ a first, second and third time and finally PASSED
this 8th day of September, 1981.
L
Clerk