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TC Ord. No. 2006-12 Amending Title 3 Avon Muni code relating to interest charged on past due accounts owing to the townTOWN OF AVON, COLORADO ORDINANCE NO. 06-12 SERIES OF 2006 AN ORDINANCE AMENDING TITLE 3, AVON MUNICIPAL CODE, RELATING TO INTEREST CHARGED ON PAST DUE ACCOUNTS OWING TO THE TOWN BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO: Section 1. Amendment. Title 3, Avon Municipal Code, by the addition of a Chapter 3.32 to provide as follows: 3.32.010 Interest imposed. All statements rendered for services, fees or charges of any kind owing to the Town shall begin to accrue interest at the rate of one and one-half percent per month (eighteen percent per annum, compounded annually) thirty days after the invoice date, such interest to continue until the bill and all accrued interest is paid in full. 3.22.020 Due dates not altered. Nothing in this Chapter shall alter the due date of all statements rendered for services, fees and charges, which shall be due immediately upon presentation by the Town for payment. INTRODUCED, APPROVED, PASSED ON FIRST READING AND ORDERED POSTED the 13th day of June, 2006, and a public hearing on this ordinance shall be held at the regular meeting of the Town Council on the 27th day of Jun , 006, at 5:30 P.M. in the Council Chambers, AV' W'G -itipal Building, Benchmark Road, von, Colorado. Ronald C. Wolfe, Mayor ATT I n'.~ 3 P ty M Kenny, X-oVA C1'erk, INTRODUCED `FINALLY APPRQ-VE-P, PASSED ONSi~COND READING AND ORDERED POSTED the 27th day of Jur4' 20 Op 0 C:L Ronald C. Wolfe, Mayor ;lerk a APPROVED AS TO FORM: John W. Dunn, Town Attorney Memo To: Honorable Mayor and Town Council Thru: Larry Brooks, Town Manager From: Scott Wright, Finance DirectorQ,7 Date: June 7, 2006 Re: Ordinance No. 06-12, Interest on Unpaid Accounts w: Summa The Town invoices monthly various 3`d parties for services it provides. These include fleet maintenance services, transportation services, and municipal services to the Village at Avon (Traer Creek Metro). In addition, there are numerous miscellaneous billings sent out for things such as reimbursements from developers, off-duty police employment, etc. The Finance Department monitors collection of these billings, including mailing statements out monthly and following up with past due accounts. The purpose of this ordinance is to encourage timely payment of these billings and also to help offset the administrative cost of, these collection efforts. This ordinance provides for a 1.5% per month finance charge on accounts past due more than 30 days. Town Manager Comments Attachments: Ordinance 06-12 Page 1 ORDINANCE NO. 06-12 AN ORDINANCE AMENDING TITLE 3, AVON MUNICIPAL CODE, RELATING TO INTEREST CHARGED ON PAST DUE ACCOUNTS OWING TO THE TOWN BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO: Section 1. Amendment. Title 3, Avon Municipal Code, by the addition of a Chapter 3.32 to provide as follows: 3.32.010 Interest imposed. All statements rendered for services, fees or charges of any kind owing to the Town shall begin to accrue interest at the rate of one and one-half percent per month (eighteen percent per annum, compounded annually) thirty days after the bill has been presented or sent to the debtor, such interest to continue until the bill and all accrued interest is paid in full. 3.22.020 Due dates not altered. Nothing in this Chapter shall alter the due date of all statements rendered for services, fees and charges, which shall be due immediately upon presentation for payment by the Town. INTRODUCED, APPROVED, PASSED ON FIRST READING AND ORDERED POSTED the -13th day of June, 2006, and a public hearing on this ordinance shall be held at the regular meeting of the Town Council on the 27th day of June, 2006, at 5:30 P.M. in the Council Chambers, Avon Municipal Building, 400 Benchmark Road, Avon, Colorado. Ronald C. Wolfe, Mayor ATTEST: Patty McKenny, Town Clerk