1981-1424 Medonte
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THE CORPORATION OF THE TOWNSHIP OF MEDONTE
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BY- LAW ,
BEING A BY-LAW TO provide
for interest to be added
to tax arrears
WHEREAS under the provlslons of The Municipal Interest and
Discount Rates Act, 1981, a municipality may charge interest on
tax arrears.
AND WHEREAS Council deems it expedient to impose an interest
charge on tax arrears.
NOW THEREFORE the Council of the Corporation of the Township
of Medonte ENACTS:
(1) that tax arrears are taxes that are due and unpaid after
December 3lst of the year in which they are levied;
(2) that the prime rate of interest of the Toronto-Dominion Bank
on this 14th day of December, 1981 is 17 &.1/4%.
(3) that the interest to be charged on unpaid tax arrears
shall be at the rate of 18% per annum.
(4) that the Treasurer shall add to the amount of all tax
arrears due and unpaid, interest at the rate of 1 & 1/2%
per month for each month or fraction thereof from the
first day of January, 1982 until the day a by-law in
respect of interest payable on tax arrears comes into
force in the next following year;
(5) that no interest added to taxes shall be compounded;
(6) that this by-law shall take effect on the first day of
January, 1982.
READ a first, second and third
time and finally passed this
14th day of December, 1981.
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