"THE CORPORATION OF THE CITY OF PORT COQUITLAM C 0 l \

MEMO Noy 9 1983
TO: B. Kirk, DATE: November 4, 1981.
City Administrator.
FROM: Finance Committee.

SUBJECT: Interest on Prepayment of Property Taxes.

RECOMMENDATION:
That we change payment of interest on tax prepayments to 12%.

s

BACKGROUND & COMMENTS:

Our by-law 1788 a

at a rate equal to the ba
less 2%. i cf i prepayments is that

year the City has had to borrow money at

Some property owner's wish to prepay their
t close to the same In 1980 and 1981

Attached is a history of prior years costs as well as a survey
of other municipalities,

If the bank rate does not change we will be paying 18% in 1982.

°

TAX PREPAYMENT HISTORY

Interest cost (11.5%) $ 3,844
Taxes prepaid - $ 81,397
Number of people prepaying 106

*

Interest cost (15%) $ 6,090
Taxes prepaid $100,042
Number of people prepaying 110

Interest cost (16.25%) $ 6,038
Taxes prepaid $110,303
Number of people prepaying 149