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-