Recommendations of the interest rate to be charged for FY'08 for non-payment of taxes on real estate, and for non-payment of water and sewer rents.

Resolution to establish that the interest rate to be charged for Fiscal Year 2008 for non-payment of water rents and sewer rents be 18% per annum for real property where the assessed value is over $80,000, or over $80,000 per residential unit for cooperative apartments; and 9% per annum for real property where the assessed value is not more than $80,000, or not more $80,000 per residential unit for cooperative apartments.