Interest rate charged for the nonpayment of water and sewer charges.

A Local Law to amend the administrative code of the city of New York, in relation to interest rate charged for the nonpayment of water and sewer charges.

Currently, when the Banking Commission recommends an interest rate for the non-payment of water and sewer rents to the Council, the Banking Commission must propose a rate at least six percent greater than the prevailing interest rate charged for commercial loans extended to prime borrowers by commercial banks operating in the City. This legislation would change that requirement to allow the Banking Commission to propose a rate that is at least equal to such prevailing interest rate.