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MUNICIPALITY OF THE COUNTY OF INVERNESS
INTEREST
LEGISLATIVE AUTHORITY:
Municipal Government Act
Section 49(1)(a)
Sect ion 113(2)
PREAMBLE:
TERMS:
It shall be the policy of the Municipal Council of the Municipality
of the County of Inverness to set each year, an interest rate to be
charged on overdue taxes, area rates, sewer charges and any other
charges or sums owing to the Municipality, in accordance with
Section 49(1)(a) and Section 113(2) of the Municipal Government
Act.
The rate of interest to be charged on overdue tax accounts,
including area rates, shall be fixed at twelve percent (12%)
annually and shall be calculated monthly on unpaid taxes. The
interest penalty date for unpaid taxes shall be determined annually
by Municipal Council and shall be included in the resolution for
the levying of taxes.
The rate of interest to be charged on overdue capital charges shall
be fixed at ten percent (10%) and shall be calculated annually on
overdue charges.
The rate of interest to be charged on overdue accounts receivables
and other sums shall be fixed at one percent (1%) per month.
This is to certify that the above policy was
approved by the Municipal Council of the
Municipality of the County of Inverness on
the 10th day of July, A.D., 2006.
TcLzt A.0
Chief Administrative Officer
Approval:
Policy Committee Review: June 8, 2006
Council -7 Day Notice:
June 12, 2006
Council Approval:
July 10, 2006