179. The Community may, by a by-law requiring the approval of the Minister, constitute a working fund the purpose, constitution and administration of which must be consistent with the following rules: (1) To constitute the working fund, the Community may borrow, through the issue and sale of treasury bills, notes or other securities, the amounts which the treasurer considers necessary, provided the nominal value of such treasury bills, notes or other securities does not at any time exceed 20% of the appropriations provided for in its budget.
The Community may also establish the fund or contribute to an existing fund by allocating to it all or part of the accumulated surplus of its general fund. The total amount so allocated and the nominal value of the treasury bills, notes or other securities referred to in the first paragraph may not exceed 20% of the appropriations provided for in its budget.
(2) Such treasury bills, notes or other securities may bear no nominal interest rate, shall be payable to bearer, and shall mature no more than 365 days after the date of their issue. They may bear the mention that they are redeemable in advance and must indicate that they are issued for the purposes of the working fund.
(3) The sale of the treasury bills, notes or other securities shall be carried out by agreement or by tender. Sale by agreement shall be made on behalf of the Community by the treasurer with the approval of the Community.
In the case of sale by tender, the tenders shall not be subject to section 99, but they shall be addressed to and opened by the treasurer in the presence of the chair, the secretary and the treasurer, or their assistants. The treasurer, on behalf of the Community, shall make the sale to the tenderer or tenderers who submitted the tender which the treasurer considers the most advantageous to the Community, although the treasurer is not bound to accept any tender.
(4) A loan may be granted from such working fund only for a term not to exceed five years
(a) for a purpose for which the Community is authorized to borrow temporarily in anticipation of the sale of bonds;
(b) for the purposes of capital expenditures;
(c) in anticipation of the collection of revenue for the current fiscal year; or
(d) in anticipation of the collection of tax arrears.
Despite the first paragraph, the term of a loan granted under subparagraph b of the first paragraph must not exceed 10 years.
(5) Moneys out of the working fund may be invested in treasury bills or in other short-term bonds or securities provided for in paragraphs 2, 3 and 4 of article 1339 of the Civil Code. Such moneys may also be invested on a short-term basis in a chartered bank or other financial institution authorized to receive deposits.
(6) At the end of a fiscal year of the Community, any operating surplus of the working fund shall be transferred to the general fund of the Community, and any deficit shall be made good out of such fund if need be.