HomeMy WebLinkAbout82-2
REPEALED BY
'l'?.. - 0 3 '1
By-LAW'.,,"'........
.
The Corporation of the Town of Newcastle
By-Law No. 82-2
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;
AND WHEREAS 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 31 of the year in which they were levied;
AND WHEREAS the prime rate of interest of the Canadian Imperi a 1 Bank of Commerce on
this 4th day of January 1982 is 16.5 %;
NOW THEREFORE the Council of the Corporation of the Town of Newcastle 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 18 %
per annum.
2. That the Treasurer shall add to the amount of all tax arrears
due and unpaid interest at the rate of 1,5 % per month for
each month or fraction thereof, from the effective date of this
by-law until the 31st day of March of the year next following
the year during which this by-law is passed.
3. That no interest added to taxes shall be compounded.
4. That this by-law shall take effect on the 1st day of February,
1982.
5. That By-Law 74-19 be repealed.
BY-LAW READ a first and second time this 4th day of January, 1982
By-LAW READ a third and finally passed this 4th day of January, 1982.
Seal
G.B. RiCkard~~ "<~-7
Mayor ( ~ ,
D.W. Oakes ~. QK~
Town Clerk
.
I File No..~___jO__.,_5]j_Q__2________1