HomeMy WebLinkAboutKIN 82 4425 Tax Arrear Penalty
CORPORA TION OF THE TO'.m OF KDCARDEE
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TUNG .'.. 31-LA'.! TO ?ROVID~ FO]. r;JT3R~3T TO 33 AD:J3D TO
TAX A3..RZA.3.3.
':JIßR...3AS under the prov~s~o:lS of The :lunicipal Interest
and Discount Rates Act, 1931, a m~~icipality may charge
interest on tax arrears instead of and in lieu of charging
such interest charges as are authorized to 'oe c:larged by
Section 553 of The NuniciJal Act.
AXD :rrER3AS Council deems it expeiient to impose an interest
charge on tax arrears;
ANJ 'r.'III.Z:l.sA3 tax arrears are taxes levi'81 i~ any year 1..:hich
are due and unpaii after Dece¡~'::Jer 31st of the year in ':IÌ1Ích
they ';¡ere levied;
A:JD '"!}E:EAS the prime rate of interest of the 3a¡Ù: of
¡:¡ontreal on this 4th day of Januar¡, 1]32 is 16.50;;;
:JO':: TI!2:l~FOR::: the Council of the Corpor;~ tion of the TO'drl of
Kincardine ::::Jl.CT3 as follo,::s:
1.
That the interest to be charged 011 R"1paid tax arrears
on the affective late of this 'oy-la'.l shall be at the
rate of l~: per anl1~~ as authorizei -~~der the provisions
of The ::unicioal l:1terest and Disco14'1t Rates Act, 1)81.
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TIlat the Treasurer shall add to the amollilt of all tax
arre3.rs due and unpaid interest at the rate of l-~-/~
per month for each month or fraction thereof, from the
effective date of this 31-laW 14'1til paid.
3.
That no interest added to taxes shall be compounded.
I
'- o.
That this 3y-law shall taÄe effect on the 1st day of
April, 1)32.
R3AD a FLlST and S;:;COND time this 7th
day of January
,
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:;'ayor
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Clerk
:13AD a T¡.:¡mD time and n:v.LLl ?ASS::::J this 7th
day of
January
, 1)82.
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Mayor
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