HomeMy WebLinkAbout5. OLD BUSINESS 5/20/03 illage of Mount Prospect
Mount Prospect, Illinois
INTEROFFICE MEMORANDUM
TO:
FROM:
DATE:
SUBJECT:
VILLAGE MANAGER
DEPUTY FINANCE DIRECTOR
APRIL 30, 2003
INTEREST ON OVERDUE VILLAGE OBLIGATIONS
PURPOSE:
To recommend the adoption of an ordinance that would impose interest on past due
amounts owed to the Village.
BACKGROUND:
The Village generates approximately 60 miscellaneous invoices per month for various
~'easons such as damage to Village property, false alarms, and compliance fees.
DISCUSSION:
Each month approximately 10-15% of individuals and businesses do not pay their invoices
on time even though we allow a full 30 days in which to make the payment. Currently there
is no additional charge for those late payments. The Village already has a provision for
late fees for delinquent water and refuse charges and the attached ordinance would allow
us to accrue interest on other types of past due amounts.
RECOMMENDATION:
It is recommended the draft ordinance be adopted as presented.
Carol L. Widmer
clw
ORDINANCE NO.
AN ORDINANCE AMENDING
CHAPTER 8 OF
THE VILLAGE CODE OF MOUNT PROSPECT
BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE
VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION 1: Chapter 8 of the Mount Prospect Village Code shall be amended
by adding a new Section 8.517 entitled "Interest on Overdue Village Obligations" to
Article V "Other Regulations" of Chapter 8 entitled "Village Government Miscellaneous
Provisions" to be and read as follows:
Sec. 8.517: INTEREST ON OVERDUE VILLAGE OBLIGATIONS.
Subject to Article XX of this Chapter 8 and unless stated otherwise
in this Code, any financial obligation, of any kind or nature which is owed
to the Village, shall bear interest at a rate set forth in Appendix A, Division
II.
SECTION 2: Division II of Appendix A of the Mount Prospect Village Code shall
be amended by inserting the following under Chapter 8 in numerical order:
Section 8.517; Interest on Overdue Villaqe Obli,qations
Rate: 7% per annum commencing on the date that the bill is deemed overdue
pursuant to Village regulations.
SECTION 3 That this Ordinance shall be in full force and effect from and after
its passage, approval and publication in pamphlet form in the manner provided by law.
AYES:
NAYS:
ABSENT:
PASSED and APPROVED this __ day of ,2003.
ATTEST:
Gerald L. Farley, Village President
Velma W. Lowe, Village Clerk
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