L.L. 1990/047

Enactment date: 7/12/1990

Int. No. 479

By Council Member Berman (Read and referred to the Committee on Finance) (Passed under a message of necessity from the Mayor)

A Local Law to amend the administrative code of the city of New York, in relation to the use of daily compounding in computing interest on late payments of real property taxes, water and sewer charges, and other charges related to real property, and in relation to the rate of interest applicable to late payments of real property taxes on parcels on which the annual real property tax is not more than two thousand seven hundred fifty dollars

Be it enacted by the Council as follows:

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[Consolidated provisions are not included in this Appendix A]

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§ 3. This local law shall take effect immediately, provided that:

   (a)   section one of this local law shall apply to interest accruing on or after July 1, 1990 on amounts (including interest) remaining unpaid on or after such date;

   (b)   section two of this local law shall apply to installments of taxes on real property which become or remain due and payable on or after July 1, 1990; and

   (c)   for purposes of section two of this local law, the banking commission may transmit a written recommendation of proposed interest rates to the council prior to the effective date of this local law and the council may adopt a resolution fixing interest rates prior to such effective date, such recommendation and such resolution to be effective as provided in the resolution.