Bylaw No. 1035: Interest Calculation 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:

1. 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%).
2. 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.
3. Interest will be compounded annually.
4. 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.
5. This Bylaw may be cited for all purposes as Interest Calculation Bylaw No. 1035, 2019.
6. Interest Calculation Bylaw No. 820, 2012 is hereby repealed.

READ A FIRST TIME THIS DAY OF , 2019.

READ A SECOND TIME THIS DAY OF , 2019.

READ A THIRD TIME THIS DAY OF , 2019.

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 , 2019.

MAYOR

CORPORATE OFFICER