HomeMy WebLinkAboutTIV 82 005 Obsolete
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THE CORPORATION OF THE VILLAGE OF TIVERTON
BY-LAW NUMBER 82- 5
Being a by-law to provide for
interest to be added to tax
arrears.
WHERFAS 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 charging such interest charges as are authorized
to be charged by Section 553 of The Municipal Act.
AND WHEREl\S Council deems it expedient to impose an interest
charge on tax arrears;
AND WHEREAS tax arrears are taxes levied in any year which
Ii are due and unpaid after Decæber 31st of the year in which they were
il levied;
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AND WHEREAS the prime rate of interest of the Canadian Imperial
Bank of Commerce on this 23rd day of March 1982 is
NOW THEREFORE the Council of the Corporation of the Village of
Tiverton enacts as fol1hows:
I 1. That the interest to be charged on unpaid tax arrears on the effective date
II of this by-law shall be at the rate of 17-3/4% per annum as
!authorized under the provisions of The Municipal Interest and Discouht Rates
Act 1981.
2. That the Treasurer shall add to the amount of all tax arrears due and unpaid
interest at the rate of l.~ 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 my,-.law shall take effect on the 1st day of April 1982.
By;"-1.aw Number 81-10 is hereby rescinded.
READ A FIRST, SEOOND AND THIRD TIME AIID FINALLY PASSED THIS 23rd DAY OF
MARCH 1982.
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Reeve
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