C-27.1 - Municipal Code of Québec

Section 1063 Disposition versions

2008-06-12

1063. 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 adopted by the council of a local municipality and 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 the following conditions are met:

(1)  the by-law prescribes, for 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

(2)  the total amount of the loans ordered by the municipality during the fiscal year, under a by-law made under this paragraph, 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 paragraph on the adoption of a loan by-law that would cause the total amount to exceed that maximum amount if it came into force.

M.C. 1916, a. 759; 1917-18, c. 60, s. 20; 1919, c. 59, s. 26; 1933, c. 118, s. 3; 1994, c. 33, s. 43; 2006, c. 31, s. 44; 2008, c. 18, s. 57.

2006-06-15

1063. 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 the following conditions are met:

(1)  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

(2)  the total amount of the loans ordered by the municipality during the fiscal year, under a by-law made under this paragraph, 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 paragraph on the adoption of a loan by-law that would cause the total amount to exceed that maximum amount if it came into force.

M.C. 1916, a. 759; 1917-18, c. 60, s. 20; 1919, c. 59, s. 26; 1933, c. 118, s. 3; 1994, c. 33, s. 43; 2006, c. 31, s. 44.

1994-06-17

1063. 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.

M.C. 1916, a. 759; 1917-18, c. 60, s. 20; 1919, c. 59, s. 26; 1933, c. 118, s. 3; 1994, c. 33, s. 43.

0001-01-01

1063. Every by-law ordering or authorizing a loan or an issue of bonds must specify the rate of interest on the proposed loan and the purposes to which the sum to be borrowed is to be applied, and contain all provisions deemed requisite to ensure the proper application of the money and the attainment of the end set forth in the by-law.

M.C. 1916, a. 759; 1917-18, c. 60, s. 20; 1919, c. 59, s. 26; 1933, c. 118, s. 3.