1071.1. In addition to obtaining any approval required under article 1061, the municipality shall, before contracting a loan, have the conditions of the loan approved by the Minister of Municipal Affairs, Sports and Recreation.
However, approval of the conditions of a loan is not required in respect of a loan contracted by means of an issue of bonds, a loan contracted by means of an issue of notes following the application of the procedure for a call for tenders prescribed in article 1065, or a loan contracted by means of an issue of notes for an amount less than $100 000.
1984, c. 38, s. 80; 1987, c. 57, s. 765; 1992, c. 27, s. 54; 1995, c. 34, s. 53; 1999, c. 43, s. 13; 2003, c. 19, s. 250.