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THE OORPORATION OF THE VILLAGE OF TIVERTON
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BY-LAW NUMBER 82- 4
BEIm A BY-LAW TO ESTABLISH A
PENALTY CHARGE FOR NON-PAYMENT
OF CURRENT TAXES.
WHEREAS under the prov1.sions of the Municipal Interest and
Discount Rates Act, 19$1 a municipality may impose penalties on unpaid
and overdue taxes which were lev1.ed in the current calendar year instead
6f and in lieu of imposing such penalties as are authorized to be imposed
by the prov1.sions of The Municipal Act.
AND WHEREAS overdue taxes are those taxes which have been
levied in the current calendar year which ar due and unpaid;
AND WHEREAS the prime rate of interest of the Canadian
Imperial Bank of Canada on this 23rd day of March 1982 is 161- %,
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NOW THEREFORE the Council of the Corporation of the Village
of Tiverton enacts as follows;
17-3/4%
1. That the rate of / % as a penalty for non-payment of taxes
due 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.
2.
That the penalty charge imposed by this by-law shall be
effective for the year 19$2.
READ A FIRST. SEOOND AND THIRD TIME AND FINALLY PASSED nus 23rdDAY
OF MARCH 1982.
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