C-27.1 - Municipal Code of Québec

Section 1061.1 Disposition versions

2017-06-16

1061.1. A municipality may, by a by-law requiring only the approval of the Minister of Municipal Affairs, Regions and Land Occupancy, order a loan for an amount not exceeding the amount of a subsidy of which payment is assured by the Government or one of its ministers or bodies and for a term corresponding to the payment period of the subsidy.

The by-law’s sole object may be a loan for an amount corresponding to the subsidy and, despite article 1063.1, the sums borrowed may be used, in whole or in part, to repay the general fund of the municipality.

For the purposes of the two preceding paragraphs, 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% of the subsidy and corresponds to the amount needed to pay the interest on the temporary loan contracted and the financing expenses related to the securities issued.

2017, c. 13, s. 110.