HomeMy WebLinkAboutBRU 82 004 tax arrears penalty
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CORPORATION OF THE TOWNSHIP OF BRUCE
BY-LAW NO. 82-4
BEING A BY-lAW to establish a penalty charge for non-payment of current
taxes.
WHEREAS under the provlslons of The Municipal Interest and Discount Rates Act,
1981 a municipality may impose penalties on unpaid and overdue taxes which
were levied in the current calendar year instead of and in lieu of imposing
such penalties as are authorized to be imposed by the provisions of The
Municipal Act.
AND WHEREAS overdue taxes are those taxes which have been levied in the current
calendar year which are due and unpaid;
AND WHEREAS the prime rate of interest of the Toronto-Dominion Bank on this
Third day of March 1982 is 16\ per cent;
NOW THEREFORE the Council of the Corporation of the Township of Bruce enacts
as follows:
1. That the rate of 1~ per cent 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 1982.
By-law introduced and read a First and Second time this THIRD day of MARCH,
1982.
By-law read a Third time and finally passed, signed sealed and numbered
82-4 this THIRD day of MARCH, 1982.
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SEAL
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