C-37.3 - Act respecting the Communauté urbaine de Québec

Section 85 Disposition versions

1999-10-22

1997-12-19

1994-01-01

1985-01-01

1984-06-20

0001-01-01

85. The Community may, by by-law subject to the approval of the Commission municipale du Québec, constitute a fund the purpose, constitution and administration of which must comply with the following rules:

(1)  To constitute such fund, the executive committee may authorize the treasurer of the Community to borrow through the issue and sale of treasury bills, notes or other securities the amounts which he deems necessary, provided the current nominal value of such treasury bills, notes or other securities does not at any time exceed two million five hundred thousand dollars.

(2)  Such treasury bills, notes or other securities may bear no nominal interest rate, shall be payable to bearer, and shall mature no more than three hundred and sixty-five days after the date of their issue. They may provide that they are redeemable before maturity and must indicate that they are issued for the purposes of the fund.

(3)  The sale of the treasury bills, notes or other securities shall be carried out by agreement or by tender. Sale by agreement shall be made on behalf of the Community by the treasurer with the approval of the executive committee.

In the case of sale by tender, such tenders shall not be subject to sections 19 and 92, but they shall be addressed to the treasurer and opened by him in the presence of the chairman of the executive committee or, in his absence, in the presence of the vice-chairman of the executive committee or the secretary or treasurer or their deputies. The treasurer shall make the sale on behalf of the Community, to the tenderer or tenderers who submitted the tender or tenders which the treasurer deems to be the most advantageous to the Community, but he shall not be held to accept any tender.

(4)  Loans from such fund may only be granted for a term not to exceed one year and:

(a)  for all purposes for which the Community is authorized to borrow temporarily in anticipation of the sale of bonds;

(b)  in anticipation of the collection of revenue for the current year; or

(c)  in anticipation of the collection of tax arrears.

(5)  Moneys out of the fund may be invested in treasury bills or in other short-term bonds or securities provided for in paragraphs a, b and c of article 981o of the Civil Code. Such moneys may also be invested at short term in a chartered bank or other financial institution authorized to receive deposits.

(6)  At the end of a fiscal year of the Community, any operating surplus of the fund shall be transferred to the general fund of the Community, and any deficit shall be made good out of such fund if need be.

1971, c. 88, s. 17; 1977, c. 5, s. 14.