HomeMy WebLinkAboutKIN 81 4379 Int Penalty-Arrear
CORPORATION OF THE TOWN OF KINCARDINE
BY-LAW NO. 4379
BEING A BY-LAW TO PROVIDE FOR INTEREST TO BE ADDED TO
TAX ARREARS.
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WHEREAS under the prov1s10ns of The Municipal Interest and Discount
Rates Act, 1981, a municipality may charge interest on tax arrears
instead of and in lieu of charging such interest charges as are
authorized to be charged by Section 553 of The Municipal Act.
AND WHEREAS Council deems it expedient to impose an interest
charge on tax arrears;
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AND WHEREAS tax arrears are taxes levied in any year which are
due and unpaid after December 31st of the year in which they were
levied;
AND WHEREAS the prime :c, ate of interest of the Bank of Montreal
on this 20th day of August, 1981 is 22.75 ~;
NOW THEREFORE the Council of the Corporation of the Town of
Kincardine 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 24 ~
per annum as authorized under the provisions of The Municipal
Interst and Discount Rates Act. 1981.
2. That the Treasurer shall add to the amount of all tax arrears
due and unpaid interest at the rate of 2 ~ per month for
each month or fraction thereof, from the effective date of this
By-law until paid.
3. That no interest added to taxes shall be compounded.
4. That this By-law shall take effect on the 1st day of September,
1981.
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READ a FIRST and SECOND time this 6th
day of August
, 1981.
~~~
Mayor
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....______C erk
.
READ a THIRD TIME and FINALLY PASSED
1981.
~~
Mayor
this
20 day of
August
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