C-19 - Cities and Towns Act

Section 544 Disposition versions

2008-06-12

544. Every by-law ordering a loan must

(1)  specify its object;

(2)  contain a detailed description of the expenditure to be incurred under the by-law;

(3)  indicate the amount and term of the loan.

However, a by-law ordering a loan for the purpose of capital expenditures may mention the object of the by-law only in general terms and indicate only the amount and maximum term of the loan if

(1)  the by-law is adopted by the council of a municipality with a population of 100,000 or more and is exempted under a legislative provision from approval by the qualified voters; or

(2)  the by-law prescribes, for the repayment of the loan, the annual appropriation of a portion of the general revenues of the municipality or the imposition of a tax based on the municipal valuation on all taxable immovables in the territory of the municipality, and the total amount of the loans ordered by the municipality during the fiscal year, under a by-law referred to in this subparagraph, does not exceed the higher of $100,000 and the amount equivalent to 0.25% of the standardized property value of the municipality as determined under Division I of Chapter XVIII.1 of the Act respecting municipal taxation (chapter F‐2.1), according to the most recent summary of the assessment roll produced before the fiscal year.

For the purposes of subparagraph 2 of the second paragraph, the total amount of the loans ordered by the municipality is deemed to exceed the maximum amount provided for in that subparagraph on the adoption of a loan by-law that would cause the total amount to exceed that maximum amount if it came into force.

R. S. 1964, c. 193, s. 582; 1994, c. 33, s. 16; 2002, c. 37, s. 82; 2006, c. 31, s. 27; 2008, c. 18, s. 27.

2006-06-15

544. Every by-law ordering a loan must

(1)  specify its object;

(2)  contain a detailed description of the expenditure to be incurred under the by-law;

(3)  indicate the amount and term of the loan.

However, a by-law ordering a loan for the purpose of capital expenditures may mention the object of the by-law only in general terms and indicate only the amount and maximum term of the loan if

(1)  the by-law is adopted by the council of a municipality with a population of 100,000 or more and is exempted under a legislative provision from approval by the qualified voters; or

(2)  the by-law imposes, for repayment of the loan, a tax based on the municipal valuation on all taxable immovables in the territory of the municipality, and the total amount of the loans ordered by the municipality during the fiscal year, under a by-law referred to in this subparagraph, does not exceed the higher of $100,000 and the amount equivalent to 0.25 % of the standardized property value of the municipality as determined under Division I of Chapter XVIII.1 of the Act respecting municipal taxation (chapter F‐2.1), according to the most recent summary of the assessment roll produced before the fiscal year.

For the purposes of subparagraph 2 of the second paragraph, the total amount of the loans ordered by the municipality is deemed to exceed the maximum amount provided for in that subparagraph on the adoption of a loan by-law that would cause the total amount to exceed that maximum amount if it came into force.

R. S. 1964, c. 193, s. 582; 1994, c. 33, s. 16; 2002, c. 37, s. 82; 2006, c. 31, s. 27.

2002-06-14

544. Every by-law ordering a loan must

(1)  specify its object;

(2)  contain a detailed description of the expenditure to be incurred under the by-law;

(3)  indicate the amount and term of the loan.

However, a by-law ordering a loan, adopted by the council of a municipality having a population of 100,000 or over for the purpose of capital expenditures and that is exempted under any provision from approval by the qualified voters, may mention the object of the by-law only in general terms and indicate only the amount and maximum term of the loan. The term of a loan contracted by the municipality under the by-law may not exceed the useful life of the property that the proceeds of the loan enable the municipality to acquire, repair, restore or build.

R. S. 1964, c. 193, s. 582; 1994, c. 33, s. 16; 2002, c. 37, s. 82.

1994-06-17

544. Every by-law ordering a loan must

(1)  specify its object;

(2)  contain a detailed description of the expenditure to be incurred under the by-law;

(3)  indicate the amount and term of the loan.

R. S. 1964, c. 193, s. 582; 1994, c. 33, s. 16.

1977-12-31

544. The by-law authorizing a loan shall specify the amount of the loan and the purposes for which the sum to be borrowed is to be used.

If it be for the execution of works, the by-law shall indicate them and give an estimate of them or refer to the by-law ordering them.

R. S. 1964, c. 193, s. 582.