THE CORPORATION OF THE CITY OF PORT COQUITLAM C ยข J N C DEC 17 1984 TO: Mayor & Council. DATE: December 13, 1984. FROM: Administration Committee. SUBJECT: Interest on Prepayment of Property Taxes. RECOMMENDATION: That we repeal by-law 1874 which requires us to pay in prepaid prior to May lst, from the date of payment to the at the rate of 12%. terest on taxes, first of July BACKGROUND & COMMENTS: The lugic behind the paying of interest on tax prepayments is that at the start of the year the City has had to borrow money at prime rate. from che bank and.if some property owner's wish to prepay their taxes, we should pay them at least the same rate as we pay the bank. For the last five years, we have not needed to borrow at all and have the present 124. changed the rate from being tied to bank prime to ed to borrow and Provincial regulation now requires As we have not need held over 60 days at rates revised us to pay interest on payments quarterly. Se ne rE See meee a eer met City Treasurer.