Bylaw 2923
Excess and Extended Services Interest By-law (Consolidated)
A by-law to establish the interest rate on late-comer charges and to repeal obsolete utility extension by-laws
WHEREAS Section 990 of the Municipal Act, R.S.B.C. 1979, provides that the Council shall by by-law prescribe the interest rate to be calculated annually and included in late-comer charges imposed on an owner connecting to or using excess or extended services provided and paid for by the municipality or an owner of land being subdivided or developed;
AND WHEREAS Section 990, in conjunction with Section 989, renders previous utility extension by-laws, i.e. By-laws No. 1701, 1702 and 1703 obsolete;
NOW THEREFORE, the Council of The Corporation of the District of Matsqui, in open meeting assembled, ENACTS AS FOLLOWS:
Establishes interest rate
2 The interest rate for each year or part year to be included in charges under the Latecomer Policy adopted April 10, 1989, by the Council of the Corporation of The District of Matsqui, shall be a rate that is equal to the most recently reported annual percentage increase in the Consumer Price Index for British Columbia, as published by Statistics Canada.
B/L 3567
Repeals By-laws 1701, 1702 and 1703
3 By-law No. 1701, cited as "Sanitary Sewer Extension Regulation By-law, 1978"; By-law No. 1702, cited as "Waterworks Extension Regulation By-law"; and By-law No. 1703, cited as "Storm Drainage Works Extension Regulation By-law", are hereby repealed.