THE CORPORATION OF THE CITY OF PORT COQUITLAM

ca “"COUNCIL

DEC 12 4977

A By~law to “amend the "City of Port Coquitlam Advanced Payment

of Taxes By-law, 1974, No. 1297",
The Municipal Council of The Corporation of the City of Port
Coquitlam, in open meeting assembled, enacts as follows:
1. Section 3 of the "City of Port Coquitiam Advanced Payment of
Taxes By-law, 1974, No, 1297" is repealed and the following substituted:
"3, (a) _ The Collector shall allow to every person or
persons, corporation or corporations, who shall ‘have made any
advance of money under this By-law prior to the first day of

May, in any year, interest at the rate established in accordance

with the provisions of clause (b) of this Section from the date
of such advance of money to and including the first day of July,

of the then current year. Such interest shall be applied (as far

as may be necessary) in payment of the current year's taxes in

respect of which the advance payment was made, or if such taxes

are fully paid then the whole or any remaining portion of such

interest shall be paid to the person entitled to receive the same.
(b) The rate of. interest allowable pursuant to clause (a)

of this Section is hereby established as the same rate of interest

as the Prime Bank Interest Rate charged by the Port Coquitlam Main

Branch of the Royal Bank of Canada on the first business day of

the then current year and the rate of interest thus established

‘shall be the rate of interest used to calculate all allowances

throughout the ‘entire period such allowances are or become payable

pursuant to the terms of this By-law, notwithstanding any fluctuation

in the said Prime Bank Interest Rate subsequent to the first business

day in the then current year."

2. " This By-law may be cited for all purposes as the “City of Port Coquitlam

Advanced Payment of Taxes By-law, 1974, No. 1297, Amendment By-law, 1977, No.

1573".