2542
If¡
COUNTY OF ELGIN
By-Law No. 2542
"BEING A BY-LAW TO AMEND BY-LAW NO. 2382 PROVIDING FOR THE
PAYMENT OF COUNTY RATE IN TWO INSTALMENTS."
WHEREAS By-Law No. 2382 provides for the payment of
the Annual County Rate in two instalments.
AND vfflEREAS it provides for a discount for prepay-
ments as well as a penalty for non-payment.
AND WHEREAS paragraph 3 concerning the payment of
penalty does not provide for any increase in the rate of
penalty, after the date of default, in the event of an in-
crease by the chartered banks prior to actual payment.
NOW TIiEREFORE paragraph 3 of By-Law No. 2382 is
hereby repealed and the following substituted therefore:
3. That in the case of non-payment of any instal-
ment or any portion thereof on the due dates, the municipality
so in default shall pay to the county interest thereon from
the day of default to the date that payment is made. The rate
of interest shall be the minimum lending rate or rates charged
by the majority of chartered banks, during the period of de-
fault .
This by-law shall become effective on the 1st day
of January, 1979.
READ a first time this 22nd day of November, 1978.
READ a second time this 22nd day of November, 1978.
READ a third time and finally passed this 22nd day of November, 1978.
'1 ~
~~h-.... /~
,
G. C. Leverton, L. R. Carroll,
Clerk. ì'iarden.