1982-002 Medonte
THE CORPORATION OF THE TOWNSHIP OF MEDONTE
BY- LAW
82- 2
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
overdue taxes levied in 1982.
AND WHEREAS Council deems it expedient to impose a charge
on overdue taxes.
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NOW THEREFORE the Council of the Corporation of the Township
of Medonte enacts:
1.
That overdue taxes are those taxes that have been levied in
1982 and have not been paid on or before the day payment is
due.
2.
That the prime rate of interest of the Toronto~Dominion Bank,
on this Hith day of January, 1982 is 16 &\1/2%.
3.
That the penalty charge to be imposed on overdue taxes shall
be at the rate of 18% per annum.
4.
That the percentage charge 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, 1982;
5.
That not withstanding that the municipality has caused
notices to be given in accordance with Section 303 and
521 or 521(a) of The Municipal Act, the Clerk shall give
notice of this by~law in accordance with subsection 6 of
Section 527 of The Municipal Act;
6.
That at any time within fourteen days after notice has
been mailed, delivered or caused to be delivered to the
person taxed at his residence or place of business or
upon the premises in respect of which the 1982 taxes are
payable in accordance with section 5 of this By~Law, any
person may pay his 1982 taxes overdue without an additional
penalty charge as imposed by this By~Law;
7.
That the penalty charge imposed by this By~Law shall take
effect on the first day after the due date of 1982 taxes
as shown on the tax bill.
8.
That any penalty for non~payment of taxes authorized
under Section 527 of The Municipal Act shall cease to
have effect on the day the penalty charge imposed by
this By~Law takes effect.
READ a first, second and third time and finally passed this _6th day of
January, 1982.
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