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E-8.1 - Act respecting public elementary and secondary education
Section 421
Disposition versions
421. The funds required for the amortization of the principal and the payment of interest on the bonds or other evidences of indebtedness or securities issued by the Council or that form part of the bonded debt of the Council on 1 July 1986 shall be derived from the general revenue of the Council and the school boards of the Island of Montréal; those bonds or other evidences of indebtedness or securities constitute a direct, general and unconditional undertaking of the Council and of the school boards ranking concurrently and pari passu with all other undertakings of the Council and of the school boards in respect of loans of money not secured by hypothec or other encumbrance.
