HomeMy WebLinkAboutTWP 81 016 interest tax arrears
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BY-LAW 61- I"
THE CORPORATION OF THE TOWNSHIP OF KINCARDINE
BEING A BY-Law to provide for interest to be added to Tax Arrears.
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WHEREAS under the provisions of The Municipal Interest and Diacount Rates
Act. 1961 a municipality may charge interest on Tax Arrears instead of and
in lieu of charging such interest charges ss 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 un-
paid after December 31st of the year in which they were levied;
AND WHEREAS the prime rate of interest of the Roysl Bank of Canada on this
6th day of September 1961 is 2~;
NOW THEREFORE the Council of the Corporation of the Township of Kincardine
enacts as follows:
1. That the interest to be charged on unpaid tax arrears on the effective
date of this by-lsw shall be at the rate of 23 and 3/4 % per annum ss
authorazed under the provisions of The Municipal Interest and Discount
Rates Act. 1961.
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2. That the Treasurer shall add to the amount of sll tax arrears due and
unpaid interest at the rate of 1.979% per month for each month or
fraction thereof, from the effective date of this by-law until pSid.
3. That no interest added to taxes shsll be compounded.
4. That this by-law shall take effect on the 1st day of October 1961.
Read a first, second and third time and finally passed this 6th
day of September 1961.
THE CORPORATION OF THE TOWNSHIP OF KINCARDINE
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