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HomeMy WebLinkAboutBRU 82 005 tax arrears interest CORPORATION OF THE TOWNSHIP OF BRUCE BY-LAW NO. 82-5 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 charging such interest charges as are authorized to be charged by Section 412 of The Municipal Act R.S.O. 1980 Chap. 302. AND WHEREAS the Council deems it expedient to impose an interest charge on tax arrears; AND WHEREAS the prime rate of interest of the Toronto Dominion Bank on this Third day of March 1982 is 16y. per cent. NOW THEREFORE the Council of the Corporation of the Township of Bruce 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 18 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 1y. per cent 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 by-law shall take effect on the First day of April, 1982. By-law introduced and read a First time this THIRD day of MARCH, 1982. By-law read a Second time this THIRD day of MARCH, 1982. By-law read a Third time and finally passed, this THIRD day of MARCH, 1982. signed, sealed and numbered 82-5 J!L ~/-/ rµ.~ ~~ -- REEVE ~ SEAL·. .,- ~ ~-- -----.~..<~ . - - - . , ..___" 0- - ~