THE CORPORATION OF THE CITY OF PORT COQUITRA

$ is BYLAW NO 2351

A Bylaw to authorize a tax prepayment plan. 1 198

WHEREAS Section 439 of the "Municipal Act", being Chapter 290 of the Revised

ie Statutes of British Columbia, 1979, provides that the Council may, by bylaw,

authorize the Collector to receive money for taxes before the due date and may

provide the terms for accepting and holding the money including interest on it
and its rate;

AND WHEREAS it is desirable to encourage the prepayment of property taxes and
implement a monthly installment system for the convenience of taxpayers;

NOW THEREFORE the Municipal Council of the Corporation of the City of Port
Coguitlam, in open meeting assembled, enacts as follows:

l. Any person being liable to the Corporation of The City of Port

Coquitlam for property tax may apply to the Collector of the City to pay taxes

on a equal monthly installment basis in a total amount not greater than the

cp amount estimated by the Collector to be to be the amount of taxes and flat

i rate utility billings which will be owing when such amounts are next due and
. payable to the City and the Collector shall recalculate this amount annually.

2. The payment of property taxes and flat rate utility billings on a
monthly installment basis shall commence upon the execution by the taxpayer of
a form substantially as set forth in Schedule "A" attached hereto and forming
part of this Bylaw authorizing automatic deduction from the taxpayer's bank
account to the credit of the City of monthly payments egual to the monthly
payment calculated pursuant to Section 1 and the form shall be deposited with
the Collector of the City.

3. In addition to the monthly tax and flat rate utility prepayment scheme

authorized herein the Collector is also authorized to accept and to hold
monies to be applied at a future date in payment of taxes and flat rate

utility billings, upon the following terms and conditions:

{a) no less an amount than $10.00 at any one time shall be accepted
for any one parcel of land and any improvements thereon;

(b) when tender ing any amount under this Bylaw, the taxpayer shall,
; mes, . in writing, addressed to the Collector, designate the account for .
: | which such tendered amount is to be accepted and held;

(c) any amount accepted hereunder shall be held in the account for
the parcel of land and any improvements designated by the taxpayer,
and shall, together with interest accrued as by this Bylaw provided,
be, on the day taxes or utility billings are due of the year in which
such amount is accepted and interest earned, applied on account of the
payment of current taxes and utility billings due on such account.

‘ee . A, The Collector shall, on the last day of each month credit interest on
the amount paid to that day to the benefit of the taxpayer at a rate equal to
the Prime rate of the Canadian Imperial Bank of Commerce at that date less
2.5%, and, notwithstanding the foregoing, the May 3lst and June 30th .nterest
rates shall be deemed to be the same as that of April 30th. Such interest to
. be calculated and credited to the taxpayers benefit based upon the daily
palance in the taxpayers account during the current month.

1 15 FIRST THREE READINGS