Interest Ord. & Ellis Amendments to Become Law
This means that when calculating the interest payment due a tenant, the interest rate in effect on the date the payment is due will be the only rate needed to be used, even though the the 12 month period spans to different rate periods. It should be noted that any interest due a tenant prior to June 15, 2003, will have to be calculated using applicable rates. For those past interest payment rates, Go to Script No. 42.
Texts of each ordinance can be seen in the News and Archive page below the heading for this item.