C-19 - Cities and Towns Act

Section 476.2 Disposition versions

2008-06-12

476.2. The tax imposed or compensation required must provide for the repayment of the moneys used 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 municipality, 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 municipality, at its request, of the interest rate in effect at the time of the request.

2008, c. 18, s. 26.