1093.1. A municipality which incurs expenses in respect of all or any part of which payment of a subsidy by the Government or one of its ministers or agencies is assured may, by by-law requiring the approval of only the Minister of Municipal Affairs, Regions and Land Occupancy, order a loan for an amount not exceeding the amount of the subsidy and for a term corresponding to the period fixed for the payment of the subsidy.
For the purposes of the first paragraph, the amount of the loan is deemed not to exceed that of the subsidy if the amount by which the former exceeds the latter is not greater than 10% and corresponds to the amount needed to pay the interest on the temporary loan contracted and the financing expenses related to the securities issued.
1984, c. 38, s. 88; 1992, c. 27, s. 62; 1996, c. 2, s. 455; 1999, c. 43, s. 13; 2003, c. 19, s. 250; 2004, c. 20, s. 117; 2005, c. 28, s. 196; 2009, c. 26, s. 109.