File #: Res 0939-2003    Version: * Name: Discount rate for the prepayment of real estate taxes be continued at 2% per annum for FY'04.
Type: Resolution Status: Adopted
Committee: Committee on Finance
On agenda: 6/12/2003
Enactment date: Law number:
Title: Resolution to establish that the discount rate for the prepayment of real estate taxes be continued at 2% per annum for Fiscal Year 2004.
Sponsors: David I. Weprin, Leroy G. Comrie, Jr., Lewis A. Fidler, Helen Sears, Kendall Stewart
Council Member Sponsors: 5
Attachments: 1. Hearing Transcript, 2. Hearing Transcript - Stated Meeting 6/24
Date Ver.Prime SponsorAction ByActionResultAction DetailsMeeting DetailsMultimedia
6/24/2003*David I. Weprin Committee on Finance Hearing Held by Committee  Action details Meeting details Not available
6/24/2003*David I. Weprin Committee on Finance Approved by CommitteePass Action details Meeting details Not available
6/24/2003*David I. Weprin City Council Approved, by CouncilPass Action details Meeting details Not available
6/12/2003*David I. Weprin City Council Introduced by Council  Action details Meeting details Not available
6/12/2003*David I. Weprin City Council Referred to Comm by Council  Action details Meeting details Not available
Res. No. 939 Title Resolution to establish that the discount rate for the prepayment of real estate taxes be continued at 2% per annum for Fiscal Year 2004. Body By Council Members Weprin, Comrie, Fidler, Sears and Stewart Whereas, Section fifteen hundred nineteen of Chapter fifty-eight of the New York City Charter requires the Banking Commission to recommend to the City Council, not later than the fifteenth day of May in each year, a proposed discount rate for the prepayment of real estate taxes to be effective for the ensuing fiscal year; and Whereas, On or about May 22, 2003, the Banking Commission transmitted to the City Council its recommendation that the discount rate for the prepayment of real estate taxes for Fiscal Year 2004 be continued at two percent per annum; and Whereas, This rate shall be applicable to the prepayment of second, third and fourth quarter installments only, and any such payment received prior to July 1, 2003 shall be discounted from July 1, 2003; now, therefore, be it Resolved, That the Council determines that the discount rate for the prepayment of real estate taxes be continued at 2% per annum for Fiscal Year 2004. jc:ag PC Budget04 Prec. Res.