HAG
TRE CORPORATION OF THE CITY OF PORT COQUITLAM U l
DEC 17 1984

TO: Mayor & Council. DATE: December
FROM: Administration Committee.

SUBJECT: Interest on Arrears & Delinquent Taxes.

RECOMMENDATION:

That we repeal by-law 1875 which requires property owners who have not
paid their taxes by December 31 on any year to pay interest thereafter
at the rate of 12 per cent. ~

BACKGROUND & COMMENTS:

The Provincial government now sets the rate we charge on late payments
(Sec. 428 (1) Municipal Act) so the by-law is no longer required.

As a matter of interest the Provincially set rate changes quarterly and
is now calculated as follows:

January 01/84 to April 30/84 at 12.5%

May 01/84 to August 31/84 at 13.00%

September 01/84 to date at 14.50%

i. Maitland,
City Treasurer.