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## TOWN OF MIDDLETON CODE A - GENERAL ADMINISTRATION
Subject: Interest Rates & Dates
Number: 1.1
Coverage: Staff & Public
Approved by: Council & CAO
Effective Date : September 7, 1999
Revision Date: February 2, 2004
August 8, 2006
## Definitions
In this policy, unless the context otherwise requires,
- (1) "account" means tax account, water account, or other receivable payable to the town or the water utility.
Rationale
To encourage the prompt payment of accounts, the Town shall charge interest on overdue payments. The following policy establishes the method to be used for setting interest penalty rates, and establishes the time at which such a penalty is incurred.
## Policy Statement
20. 2
10225
- 1) The interest penalty rate for costs receivable shall be set at the same rate as the prevailing interest penalty rate for taxes receivable.
- 2) In order for a customer to avoid an interest penalty on an account, payment must be received at the Town Office no later than the close of business on the due date indicated on the invoice or made electronically by midnight of the due date.
## Previous Policies
- The previous policy 1/11 "Interest Policy for Dangerous and Unsightly Premises and Other Receivables", approved September 7, 1999 is hereby repealed.
The previous policy 1/18 "Interest Penalty Policy", approved February 2, 2004, is hereby repealed.
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THIS IS TO CERTIFY that this policy was duly passed by a majority vote of the whole Council at a duly called Council meeting held on the 8it day of August, 2006.
GIVEN under the hand of the CAO and under the seal of the Town of Middleton this 5th \_ day of March, 2007
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Raymond C. Rice Chief Administrative Officer