THE CITY OF REVELSTOKE
BY-LAW NO. 1286
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A By-Law to authorize the payment of interest for prepayment of current years taxes pursuant to Section 439 of the Municipal Act.
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NOW THEREFORE the Council of the City of Revelstoke in open meeting assembled enacts as follows:
The interest to be earned under this By-Law will be calculated by the Municipality at a rate equivalent to the annual rate of interest paid on non-chequing savings accounts at the Royal Bank of Canada as established on their first business day of each month.
The interest earnings under (l) above shall be credited to the applicable property owners tax account from the date payment is received by the Municipality; up to and including May l5th in any calendar year.
If the amount of current year taxes has not been established by the Municipality, the interest earnings shall be determined on the amount paid for current taxes in the year immediately proceeding the current year.
This By-Law may be cited for all purposes as the City of Revelstoke Current Taxes Prepayment By-Law No. l286, l985.
The City of Revelstoke's Payment of Interest on Current Year's Taxes By-Law No. l227, l982 is hereby repealed.
READ A FIRST TIME THIS __28th__ DAY OF ___JANUARY___, l985.
READ A SECOND TIME THIS __28th__ DAY OF ___JANUARY___, l985.
READ A THIRD TIME THIS __28th__ DAY OF ___JANUARY___, l985.
RECONSIDERED AND FINALLY ADOPTED THIS _____ DAY OF _____________________, l985.
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CLERK MAYOR
I hereby certify that the foregoing is a true and correct copy of By-Law No. l286, l985.
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CLERK
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