HomeMy WebLinkAbout82-3
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REPEALED BY
8Y.LAW #.~.~.-9.~.<1
The Corporation of the Town of Newcastle
By-Law No. 82-3
being of by-law to establish a Penalty
Charge for non-payment to current taxes.
WHEREAS under the provision 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;
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 Canadian Imperial 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 penalty charge to be imposed on due and unpaid taxes shall
be at the rate of 18 % per annum.
2. That the percentage charge as a penalty for non-payment of taxes
shall be imposed on the first day of default and the first day of
each calendar month thereafter inwhtch default continues, but not
after December 31st of the year during which such taxes were levied.
3. That this by-law shall take effect on February 1, 1982.
BY-LAW READ a first and second time this 4th day of January, 1982.
BY-LAW READ a third and final time this 4th day of January, 1982.
G.B.,' Rickard~ 4-~~
Mayor
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D.W.Oakes
Town Clerk
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I File No.___..!(L~2..{I13.___1
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231 _ u~ W /V'C'. f Z. " !!
January 4, 1982
Canadian Imperial Bank of Commerce
Corner of King and Temperance Streets
2 King Street East
Bowmanvi1le, Ontario
Ms. Kathryn A. Campbell, C.A., B.Com.,
Treasurer
Corporation of the Town of Newcastle
40 Temperance Street
Bowmanville, Ontario
Ll C 3A6
Dear Ms. Campbell:
This is to confirm in writing that the prime interest rate, effective
the 4th day of January, 1982 ts /,.:5' %.
Yours truly,
! L/ /.. ---I
./"L//f /'} 7;<..':t1
.}l . Mr. Art Mof,uty, Manager
~ (Assistant Manager or Accountant)
In
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