BYLAW - Tax Arears Intrest - 19830321 - 256483r _,1
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BY-LAW NUMBER 2564-83
OF THE MUNICIPAL CORPORATION OF THE TOWN OF AURORA
BEING A BY-LAW TO PROVIDE FOR INTEREST TO BE ADDED TO TAX ARREARS.
WHEREAS , under the provJ.sJ.ons of the Municipal Act, R.S.O., 1980,
Section 386 (4) a municipality may charge interest 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 were levied.
AND WHEREAS the Municipal Council of the Town of Aurora deems it expedient
to impose an interest charge on tax arrears;
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWN OF AURORA
ENACTS AS FOLLOWS:
1. THAT the interest to be charged on all tax arrears shall
be at the rate of 15% per annum or any fraction thereof.
2. THAT no interest added to tax arrears shall be compounded
3. THAT By-law Number 2490-82 is hereby repealed.
4. THIS By-law shall come into effect on Aprillst.l98.3.
READ A FIRST AND SECOND TIME THIS )t~ DAY OF MARCH, 1983.
CLERK
READ A THIRD TIME AND FINALLY PASSED THIS cf(j DAY OF MARCH, 1983.
CLERK
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