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By -Law Number 2020-19 <br />Page 2 <br />And Whereas Section 10 of By-law 2020-05 provides that pursuant to <br />Section 315 of the Municipal Act, the County share of amounts received by <br />local area municipalities in respect of certain railway and power utility lands <br />shall also be paid to the County of Essex in accordance with the payment <br />schedule identified in Schedule 4 of this by-law; <br />And Whereas Section 11 of By-law 2020-05 provides that pursuant to <br />Subsection 311(19) of the Municipal Act, a lower tier municipality that fails <br />to make any payment or portion thereof, as provided in this by-law shall pay <br />to the County of Essex interest on the amount in default at a rate equivalent <br />to the prime rate of interest charged by the Canadian Imperial Bank of <br />Commerce during the default period, or at the rate of 15% per annum, <br />whichever is lesser; <br />Now therefore the Council of the Corporation of the County of Essex hereby <br />enacts as follows: <br />1) THAT Section 9 of By-law Number 2020-05 be amended to reflect the <br />following: <br />Installment <br />Installment Amount <br />Due Date <br />March 31 <br />25% of the amount required for County purposes for the <br />prior year, less 50% of the County portion of tax relief <br />under the County Tax Assistance Program in that year <br />June 30 <br />50% of the amount required for County purposes for the <br />year less the amount of the instalment due March 31 OR <br />the proportionate share of collections received <br />during the period by the local municipality, as <br />determined by the local Treasurer within 5%, <br />whichever is less <br />September 30 <br />25% of the amount required for County purposes for the <br />year OR the proportionate share of collections <br />received during the period by the local <br />municipality, as determined by the local Treasurer <br />within 5%, whichever is less <br />