Attachment 2: DRAFT Bylaw No. 1035
The draft of the new proposed bylaw for interest on refundable deposits.
TOWN OF VIEW ROYAL
BYLAW NO. 1035
A BYLAW TO ESTABLISH THE MANNER IN WHICH INTEREST IS CALCULATED ON REFUNDABLE DEPOSITS
The Council for the Town of View Royal, in open meeting assembled, enacts as follows:
The interest rate for refundable deposits shall be at the rate of three (3) percentage points below the Town’s banker’s prime rate to a minimum of one-quarter percent (0.25%).
Interest shall be calculated monthly on the last day of any month using the interest rate in effect on the first day of the month.
Interest will be compounded annually.
Interest will not be paid if: a. The refundable deposit amount is ten thousand dollars ($10,000) or less; or b. The Town holds the total refundable deposit for less than twelve (12) calendar months.
This Bylaw may be cited for all purposes as Interest Calculation Bylaw No. 1035, 2019.
Interest Calculation Bylaw No. 820, 2012 is hereby repealed.
READ A FIRST TIME THIS __ DAY OF _______________, 20__.
READ A SECOND TIME THIS __ DAY OF _______________, 20__.
READ A THIRD TIME THIS __ DAY OF _______________, 20__.
ADOPTED BY COUNCIL, SIGNED BY THE MAYOR AND THE CORPORATE OFFICER AND SEALED WITH THE SEAL OF THE TOWN OF VIEW ROYAL THIS __ DAY OF _______________, 20__.
MAYOR
CORPORATE OFFICER
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