8. Any excess referred to in section 7 may also be applied to the following purposes:
(1) the redemption before maturity of bonds issued at the time of the loan, as the case may be, in accordance with Division VII;
(2) the payment of amounts due annually at maturity to repay the loan, in capital and interest;
(3) the reduction of the balance of the loan, if the bonds, notes or other securities have been issued for shorter terms than the term originally fixed, in accordance with section 2, or the payment of expenditures caused by the issue of new bonds, or new notes or other securities to pay such balance.
If the loan is entirely repaid and an excess remains, the excess shall be paid into the general fund of the municipal corporation.
If a sum is used for the purposes of subparagraph 2 of the first paragraph, the rate of the tax imposed to pay the amounts due at maturity, and for which the sum is used, is reduced so that the anticipated revenues from that tax are equal to the balance payable after the application of subparagraph 2 of the first paragraph.
The secretary-treasurer or clerk of the municipal corporation which exercises a power under this section shall send to the Minister of Municipal Affairs a certified copy of the resolution or by-law under which the corporation exercised its power. The resolution or by-law does not require any approval.
R. S. 1964, c. 171, s. 8; 1973, c. 33, s. 4; 1977, c. 5, s. 14; 1984, c. 38, s. 147.