HomeMy WebLinkAboutBRU 81 019 interest tax arrears
CORPORATION OF THE TOWNSHIP OF BRUCE
BY-LAW NO.' 81-19
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 tax arrears are taxes levied in any year which are due and unpaid
after December 31st of the year in which they were levied;
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:
(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 24% 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 2% 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 October, 1981.
By-law introduced and read a First time this SECOND äay of SEPTEMBER, 1981.
By-law read a Second time this SECOND day of SEPTEMBER, 1981.
By-law read a Third time and finally passed, signed, sealed and numbered 81-19
this SECOND day of SEPTEMBER, 1981.
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