Whenever the collection of any delinquent account on behalf
of or by the Township of Fairview is made pursuant to any statute,
law, regulation, or ordinance that sets an interest rate or a maximum
interest rate, the Township hereby adopts as the interest rate collectible
on such delinquent account the maximum interest rate allowed under
the authorizing statute, law, regulation, or ordinance under which
the Township is proceeding with the collection. In the event that
the Township is proceeding with a collection under more than one statute,
law, regulation, or ordinance that sets an interest rate, the Township
shall collect the highest interest rate allowed under any statute,
law, regulation, or ordinance under which it is proceeding. In the
event that the Township is proceeding under a statute, law, regulation,
or ordinance that provides for the collection of interest and no interest
rate is established by such statute, law, regulation, or ordinance,
the Township of Fairview hereby establishes the interest rate to be
charged to be 12% per year. Unless otherwise provided by the statute,
law, regulation, or ordinance under which the Township is proceeding,
the interest shall begin to accrue on the date that the account became
due and owing, and shall continue until the account is paid in full.
Unless otherwise provided in the statute, law, regulation, or ordinance
under which the Township is proceeding, interest shall be calculated
as simple interest and not compounded.