HomeMy WebLinkAboutKIN 81 4380 Int Penalty-Current
THE CORPORATION OF THE TOÑN OF KINCARDINE
BY-LAW NO. 4300
Being a By-Law to establish a Penalty Charge for
non-payment of current taxes.
·
WHEREAS under the provisions of The Municipal Interest and
Discount Rates Act. 1981 a municipality may impose penalties on
unpaid and overdue taxes which were levied in the current calendar
year instead of and in lieu of imposing such penalties as are
authorized to be imposed by Section 527* of The Municipal Act.
AND WHEREAS overdue taxes are those taxes which have been
levied in the current calendar year which are due and unpaid;
·
AND WHEREAS the prime rate of interest of the Bank of
Montreal, on this 20th day of August , 1981 is 22.75
10;
NOW THEREFORE the Council of the Corporation of the Town
of Kincardine ENACTS as follows:
1. That the penalty charge to be imposed on due and unpaid taxes
shall be at the rate of 24 10 per annum as authorized under
the provisions of The Municipal Interest and Discount Rates Act.
1981.
2. That the rate of 24 10 per annum as a penalty for non-
payment of taxes 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 December 31 of the year during
which such taxes were levied,
3. That the Clerk shall give notice of this by-law in accordance
with Section 527, subsection 6 of The Municipal Act*.
·
4. That the penalty charge imposed by this by-law for the year 1981
shall take effect on the fifteenth day after the day of giving
notice in accordance with Section 527, subsection 6 of The
Municipal Act*.
·
5. That any penalty authorized to be imposed for non-payment of
taxes due under Section 527 of The Municipal Act* shall cease
to have effect on the day the penalty charge imposed by this
By-law takes effect.
READ a FIRST and SECOND time this 20th day of
August
, 1981.
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