CITY OF REVELSTOKE
BYLAW No. 1852
___________________________________________________________________
Being a Bylaw to Establish the interest rate for excess or extended services and latecomer payment
___________________________________________________________________
WHEREAS the Council is empowered under Section 939 (5) (c) of the Local Government Act to impose, as a condition of an owner connecting to or using the excess or extended service, a charge related to the benefit determined under Section 939 (5) (b) of the Local Government Act;AND WHEREAS under the provisions of Section 939 (8) of the Local Government Act, the Council may, by bylaw, establish an interest rate calculated annually on a charge payable under Section 939 (5) (c) of the Local Government Act; NOW THEREFORE, the Council of the City of Revelstoke, in open meeting assembled, enacts as follows: 1. All charges made pursuant to the excess or extended services and latecomer payment provisions of the Local Government Act will have added to them the rate of interest equivalent to the Prime Interest Rate plus two percent (2%), as established by the financial institution with which the City of Revelstoke deals. 2. The interest specified in Section 1 of this bylaw shall be calculated annually, commencing from the date the excess or extended services are Substantially Completed up to the date that the connection is made or the use commences. 3. THAT this Bylaw may be cited for all purposes as the “City of Revelstoke
Excess or Extended Services and Latecomer Payment and Interest Rate Establishment Bylaw No. 1852”. 4. THAT this Bylaw shall take effect upon the date of its adoption by Council.
READ A FIRST TIME THIS 12th DAY OF FEBRUARY, 2007.
READ A SECOND TIME THIS 12th DAY OF FEBRUARY, 2007.
READ A THIRD TIME THIS 12th DAY OF FEBRUARY, 2007.
ADOPTED BY CITY COUNCIL THIS 26th DAY OF FEBRUARY, 2007.
Director of Corporate Administration
Mayor
Certified a true copy, this day of . .
| 
