C-19 - Cities and Towns Act

Section 468.45.12 Disposition versions

2008-06-12

468.45.12. The aliquot share payable by the municipalities is determined using the mode of apportionment of capital expenditures contained in the agreement providing for the establishment of the management board. The aliquot share must provide for the repayment of the loan and the payment of a compensatory amount that may be determined by resolution and must be equal to the interest that would be payable if the board, at the date on which it authorizes the payment of the expenditure, contracted a loan on the capital market to finance that expenditure for an identical term.The Minister of Finance must inform the board, at its request, of the interest rate in effect at the time of the request.

2008, c. 18, s. 24.