File #: Res 1012-2005    Version: * Name: Banking Commission - Small Properties
Type: Resolution Status: Adopted
Committee: Committee on Finance
On agenda: 6/8/2005
Enactment date: Law number:
Title: Resolution to establish that the interest rate be 9% per annum for Fiscal Year 2006 for non-payment of taxes on properties with an assessed value of not more than $80,000, or not more than $80,000 per residential unit for cooperative apartments.
Sponsors: David I. Weprin, Lewis A. Fidler
Council Member Sponsors: 2
Attachments: 1. Committee Report, 2. Hearing Transcript - Stated Meeting 6/8, 3. Hearing Transcript
Date Ver.Prime SponsorAction ByActionResultAction DetailsMeeting DetailsMultimedia
6/8/2005*David I. Weprin City Council Approved, by CouncilPass Action details Meeting details Not available
6/8/2005*David I. Weprin City Council Referred to Comm by Council  Action details Meeting details Not available
6/8/2005*David I. Weprin City Council Introduced by Council  Action details Meeting details Not available
6/8/2005*David I. Weprin Committee on Finance P-C Item Approved by CommPass Action details Meeting details Not available
6/8/2005*David I. Weprin Committee on Finance Hearing on P-C Item by Comm  Action details Meeting details Not available

Res. No. 1012

 

Resolution to establish that the interest rate be 9% per annum for Fiscal Year 2006 for non-payment of taxes on properties with an assessed value of not more than $80,000, or not more than $80,000 per residential unit for cooperative apartments.

 

By Council Members Weprin and Fidler

 

                     Whereas, Pursuant to Section 11-224.1 the Administrative Code of the City of New York, as added by Local Law No. 62 of 2005, the Banking Commission is required to recommend to the City Council, not later than the 25th of May of each year, the proposed interest rate to be charged for non-payment of taxes on properties with an assessed value of not more eighty thousand dollars ($80,000), or not more than eighty thousand dollars ($80,000) per residential unit for cooperative apartments; and

                     Whereas, the Banking Commission is required to propose a rate at least equal to the prevailing interest rate charged for commercial loans extended to prime borrowers by commercial banks operating in the City (the “Prime Rate”); and

                     Whereas, The Banking Commission notes that the Prime Rate now stands at six percent (6%) as published by the Federal Reserve Board of Governors; and

                     Whereas, The Banking Commission recommended to the City Council, that the interest rate to be charged for non-payment of taxes on properties where the assessed value on a parcel is not more than eighty thousand dollars ($80,000), or not more than eighty thousand dollars ($80,000) per residential unit for cooperative apartments, be nine percent (9%) per annum for Fiscal 2006; now, therefore, be it

 

                     Resolved, That the Council establishes that the interest rate be nine percent (9%) per annum for Fiscal Year 2006 for non-payment of taxes on properties with an assessed value of  not more than eighty thousand dollars ($80,000), or not more than eighty thousand dollars ($80,000) per residential unit for cooperative apartments.