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HomeMy WebLinkAbout05648ORDINANCE NO. 5648 AN ORDINANCE AMENDING SUBSECTIONS (c) AND (d) OF SECTION 14 OF CHAPTER 4 OF TITLE XIV OF THE 1971 CODE OF ORDINANCES TO FIX THE RATE OF INTEREST RELATING TO MUNICIPAL TAXES BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that: (Brackets indicate material being deleted; underscoring indicates new material being added.) SECTION 1. Subsections (c) and (d) of Section 14 of Chapter 4 of Title XIV of the 1971 Code of Ordinances are hereby amended to read as follows: (c) The annual rate of interest shall be the [discount] prime rate, [which discount rate shall be based upon the rate of interest a commercial bank pays to the federal reserve bank of Kansas City, using a government bond or other eligible paper as security.] as reported by the Wall Street Journal, plus three points, rounded to the nearest full percent. In the event that more than one rate is so reported, the hiqhest rate shall be utilized. (d) The commission of banking shall establish an adjusted annual rate of interest based upon the computation specified in subsection (c) of this section and rounded to the nearest full percent. The adjusted annual rate of interest shall be so established by the Commissioner of banking as of [July 1, 19811 July 2, 1990 to become effective January 1, [1982] 1991. Thereafter, on July 1, or the next succeeding business day, of each year, the adjusted annual rate of interest shall be established in the same manner, to become effective on January 1 of the next succeeding year. SECTTnN 2- This Ordinance shall become effective upon final passage and approval, except that the rate of interest established under the former ordinance shall continue to apply through December 31, W'Z'I11! INTRODUCED: November 26 , 1990 By KENNETH HUNTER Councilman ATTEST: APPROVED: I-A velv �Z o�e�� c i.y Clerk Pr ent of the City Council JS 5.42 -2-