NOV 9 198}

TO B. Kirk, > November 4,. 1981.
City Administrator.

FROM: Finance Committee.

SUBJECT: Interest on unpaid property taxes.

RECOMMENDATION:

That we charge 12% interest on unpaid Property taxes,

BACKGROUND:

With today's high interest rates we should increase our
interest on unpaid property taxes to 18%, however the Municipal. Act
(section 428) sets our maximum rate at 12%.

We have chargal 11% for a number of years.

LK

J. Maitland.

JM/ms