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HomeMy WebLinkAboutTWP 81 016 interest tax arrears , . . 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. \' 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. " H ~ ; ~ I j, " !i 'I 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 ál=->,~J!f~)' Reeve ' _' - - ~h~n~~~~;~ Cl~k reaSLlt'eI'- - ~ ..: -.. -...-.."......-" '-