Dept/ Agency: Finance Action: (X) Ratifying (X) Authorizing ( ) Amending Type of Service: Implement a Temporary Interest Reduction Program Purpose: To reduce the interest rates charged on delinquent property taxes, City-owned Municipal Tax Liens, Tax Abatement charges and Water and Sewer charges for the year(s) 2020 and prior. Program Period: May 1, 2021 through August 31, 2021 only. Additional Information: Current Rate Proposed Rate 8% on first $1,500.00 delinquency 4% on first $1,500.00 delinquency 18% on remaining balance 9% on remaining balance The controlling Departments for the Temporary Interest Reduction Program are the Department of Finance and the Department of Water and Sewer Utilities.