This article shall be construed in accordance with § 5-530
of the New York State Village Law and § 186-a of the New York
State Tax Law.
All terms as used in this article shall have the same meanings
as set forth in § 186-a of the New York State Tax Law.
Any utility failing to file a return or a corrected return or
failing to pay any tax or any portion thereof within the time required
by this article shall be subject to a penalty of 5% of the amount
of tax due, plus 1% of such tax for each month of delay or fraction
thereof, excepting the first month, after such return was required
to be filed or such tax became due. The Village Treasure, if satisfied
that the delay was excusable, may, subject to the approval of the
Board of Trustees, remit all or any portion of such penalty.