HomeMy WebLinkAboutTIV 81 010 Repealed by No 82 05
'd
THE OORPORATION OF THE VILIAGE OF TIVERTON
~
BY-LAW NUMBER 81-10
Being a by-law to provide for
interest to be added to tax
arrears.
WHEREAS under the provisions of The Municipal Interest
and Discount Rates Act. 1981 a municipality may charge interest on tax
arrears instead of and in lieu of chargin 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;
AND WHEREAS tax arrears are taxes levied in any year
which are due and unpaid after December 31st of the year in which they
Wel'e levied;
AND WHEREAS the prime rate of interest of the Canadian
IInperial Bank of Camnerce on this 4th day of September 1981 is 22 and three
quarters percent;
IDW THEREFORE the Council of the Corporation of the Village
of Tiverton 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 cent per annum as
authorized under the provisions of The Municipal Interest 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 percent per month for each
month or fraction thereof, f'rom the effective date of this by-law
until paid.
3. That no interest added to taxes shall be cc.mpounded.
4. That this by-law shall take effect on the 1st day of October 1981.
Read a first second and third time and finally passed this fti day of
September 1981.
ffft-~
- "
Reeve
. .
: '"",;.
>
,
'"-'/.
/'
~ -
Q,AA/)JdLf.;¿
éíerk. .
-.0-
-~ --
, -
- -
,