THE CORPORATION OF THE TOWNSHIP OF MACHAR

 

BY-LAW NO. ญญ_____

 

Being a by-law to provide for

Interest to be added to TAX ARREARS.

 

 

            WHEREAS under the provisions of The Municipal Act, S.O., 2001 c. 25 as amended,

Section 345(3) provides that a municipality may charge interest on tax arrears.

 

            AND WHEREAS Council deem 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 are levied;

 

            NOW THEREFORE the Council of the Corporation of the Township of Machar 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 15% per annum as authorized under the provisions of The Municipal Act,

            S.O., 2001 c. 25 as amended, Section 345(3).

 

   2:      That the Treasurer shall add to the amount of all tax arrears due interest at the rate of 1.25%

            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 1st day of January 2011.

 

READ A FIRST, SECOND, THIRD TIME AND FINALLY PASSED THIS 10TH DAY OF JANUARY 2011.

 

 

                                                                        ………………………………………………..

                                                                        Per Mayor Doug Maeck

 

 

                                                                        ………………………………………………..

                                                                        Per Clerk-Administrator Brenda Paul, AMCT

 

 

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