Development Charges Interest By-Law
This by-law is a digital reproduction made available for information purposes only. It is not an official version of the by-law and not an exact reproduction.
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By-law number: 2612-25
Enacted: May 26, 2025
Last date passed at Council: May 26, 2025
County service area: Finance
Being a by-law to authorize the interest charges to apply under the Development Charges Act
1. THAT the maximum interest rate outlined in Section 26.3 of the Act be charged in accordance with Section 26.1(7) and Section 26.2(3) of the Act, on the date the development charge is payable.
2. THAT an interest rate, calculated using the same principles as outlined in Section 26.3 of the Act, be charged in accordance with Section 26.1(7) and Section 26.2(3) of the Act, in the absence of a prescribed rate according to the laws and regulations in effect at that time, on the date the development charge is payable.
3. AND THAT this by-law shall take precedence over any other by-law with which it is inconsistent.
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