HomeMy WebLinkAboutBRU 81 020 penalty current tax
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CORPORATION OF THE TOWNSHIP OF BRUCE
BY-LAW NO. 81-20
BEING A BY-LAW to establish a Penalty Charge for non-payment of current taxes.
WHEREAS under the provisions 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 Section 386 of The Municipal Act,
R.S.O. 1980, Chap. 302.
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
Second day of September 1981 is 22.75%;
NOW THEREFORE the Council of the Corporation of the Township of Bruce enacts as
follows:
That the penalty charge to be imposed on due and unpaid taxes shall be at
the rate of 24% per annum as authorized under the provisions of The Municipal
Interest and Discount Rates Act, 1981.
That the rate of 24% per annum as a penalty for non-payment of taxes 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.
By-law introduced and read a First and Second time this SECOND day of SEPTEMBER
1981.
By-law read a Third time and finally passed, signed, sealed and numbered 81~20 this
SECOND day of SEPTEMBER, 1981.
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