NYC Banking Commission - Transmitting recommendation that the interest rate to be charged for FY'05 for non-payment of water rents and sewer rents be eighteen percent (18%) where the annual tax on parcel is more than $2,750.

Resolution to establish that the interest rate to be charged for Fiscal Year 2005 for non-payment of water rents and sewer rents be 18% per annum for any parcel where the annual real estate tax is more than $2,750 or where the real estate taxes are held in escrow and paid to the Commissioner of Finance by a mortgage escrow agent or where the parcel consists of vacant or unimproved land; and 9% per annum in all other cases.