Interest Ord. & Ellis Amendments to Become Law

The amendments to the Ellis ordinance to conform with State law and another amendment to the Security deposit Ordinance to make the interest payment due on deposits only one calculation per year was signed by the Mayor on May 16, 2003.The Ellis amendment, Ord.91-03, becomes effective June 15, 2003.The interest ordinance amendment, Ord. 90-03, becomes effective on June 15th also.

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.