Consolidated Statutes and Regulations Consolidated Statutes Consolidated Regulations Annual Statutes and Regulations Annual Statutes Annual Regulations Additional information Québec Official Publisher What’s new? Information note Policy of the Minister of Justice Laws: Amendments Laws: Provisions not in force Laws: Provisions brought into force Annual Statutes: PDF versions since 1996 Regulations: Amendments Annual Regulations: PDF versions since 1996 Court Decisions

C-27.1 - Municipal Code of Québec

Section 1072
Disposition versions

Full text
1072. Every by-law ordering a loan must also provide, in accordance with the following rules, for the expense incurred for interest and for the establishment of a sinking fund.
The sinking fund may be established either by means of a special tax imposed by the by-law and levied annually, until the extinction of the debt, on all taxable immovables in the territory of the municipality or only on those the owners of which are bound to contribute to the repayment of such a loan, or by setting aside each year for that purpose a portion of the general revenues of the municipality. In either case, the amount paid each year into the sinking fund must be sufficient to yield, with compound interest at a rate of 3.5% per annum, the capital to be paid at maturity.
The sum necessary to provide for expense incurred for interest may likewise be taken from the general revenues or levied annually by means of a special tax imposed by the by-law on the immovables referred to in the second paragraph.
The sinking fund must be collected each year, and invested according to the by-laws; and the members of the council are personally and jointly and severally responsible for the collection and investment of such fund.
The annual tax may be levied from the coming into force of the by-law. Until the bonds are issued or until the loan is contracted, the tax may be levied at a rate sufficient to pay incidental charges in respect of the loan and its object, including interest on temporary loans.
Only a local municipality may impose a tax under this article.
M.C. 1916, a. 766; 1930, c. 103, s. 19; 1984, c. 38, s. 81; 1992, c. 27, s. 55; 1994, c. 30, s. 96; 1996, c. 2, s. 435; 1999, c. 90, s. 8; 2004, c. 20, s. 116; 2017, c. 13, s. 112.
1072. Every by-law ordering a loan must also provide, in accordance with the following rules, for the expense incurred for interest and for the establishment of a sinking fund.
The sinking fund may be established either by means of a special tax imposed by the by-law and levied annually, until the extinction of the debt, on all taxable immovables in the territory of the municipality or only on those the owners of which are bound to contribute to the repayment of such a loan, or by setting aside each year for that purpose a portion of the general revenues of the municipality. In either case, the amount paid each year into the sinking fund must be sufficient to yield, with compound interest at a rate of 3.5% per annum, the capital to be paid at maturity.
The sum necessary to provide for expense incurred for interest may likewise be taken from the general revenues or levied annually by means of a special tax imposed by the by-law on the immovables referred to in the second paragraph.
Nevertheless, no municipality may, to provide for expense incurred for interest and establish the sinking fund, use more than one-half of the ordinary revenues from the general taxes it is empowered to impose under articles 989 and following and from the business tax it is empowered to impose under the Act respecting municipal taxation (chapter F-2.1), and the excess it may need for such purposes must be levied by means of a special tax on immovables.
The sinking fund must be collected each year, and invested according to the by-laws; and the members of the council are personally and jointly and severally responsible for the collection and investment of such fund.
The annual tax may be levied from the coming into force of the by-law. Until the bonds are issued or until the loan is contracted, the tax may be levied at a rate sufficient to pay incidental charges in respect of the loan and its object, including interest on temporary loans.
Only a local municipality may impose a tax under this article.
M.C. 1916, a. 766; 1930, c. 103, s. 19; 1984, c. 38, s. 81; 1992, c. 27, s. 55; 1994, c. 30, s. 96; 1996, c. 2, s. 435; 1999, c. 90, s. 8; 2004, c. 20, s. 116.
1072. Every by-law ordering a loan must also provide, in accordance with the following rules, for the expense incurred for interest and for the establishment of a sinking-fund.
The sinking-fund may be established either by means of a special tax imposed by the by-law and levied annually, until the extinction of the debt, on all taxable immovables in the territory of the municipality or only on those the owners of which are bound to contribute to the repayment of such a loan, or by setting aside each year for that purpose a portion of the general revenues of the municipality. In either case, the amount paid each year into the sinking-fund must be sufficient to yield, with compound interest at a rate of 3.5 % per annum, the capital to be paid at maturity.
The sum necessary to provide for expense incurred for interest may likewise be taken from the general revenues or levied annually by means of a special tax imposed by the by-law on the immovables referred to in the second paragraph.
Nevertheless, no municipality may, to provide for expense incurred for interest and establish the sinking-fund, use more than one-half of the ordinary revenues from the general taxes it is empowered to impose under articles 989 and following and from the business tax or the surtax or tax on non-residential immovables it is empowered to impose under the Act respecting municipal taxation (chapter F-2.1), and the excess it may need for such purposes must be levied by means of a special tax on immovables.
The sinking-fund must be collected each year, and invested according to the by-laws; and the members of the council are personally and jointly and severally responsible for the collection and investment of such fund.
The annual tax may be levied from the coming into force of the by-law. Until the bonds are issued or until the loan is contracted, the tax may be levied at a rate sufficient to pay incidental charges in respect of the loan and its object, including interest on temporary loans.
Only a local municipality may impose a tax under this article.
M.C. 1916, a. 766; 1930, c. 103, s. 19; 1984, c. 38, s. 81; 1992, c. 27, s. 55; 1994, c. 30, s. 96; 1996, c. 2, s. 435; 1999, c. 90, s. 8.
1072. Every by-law ordering a loan must also provide, in accordance with the following rules, for the payment of the interest and for the establishment of a sinking-fund.
The sinking-fund may be established either by means of a special tax imposed by the by-law and levied annually, until the extinction of the debt, on all taxable immovables in the territory of the municipality or only on those the owners of which are bound to contribute to the repayment of such a loan, or by setting aside each year for that purpose a portion of the general revenues of the municipality. In either case, the amount paid each year into the sinking-fund must be sufficient to yield, with compound interest at a rate of 3.5 % per annum, the capital to be paid at maturity.
The sum necessary for the payment of interest may likewise be taken from the general revenues or levied annually by means of a special tax imposed by the by-law on the immovables referred to in the second paragraph.
Nevertheless, no municipality may, to pay the interest and establish the sinking-fund, use more than one-half of the ordinary revenues from the general taxes it is empowered to impose under articles 989 and following and from the business tax or the surtax or tax on non-residential immovables it is empowered to impose under the Act respecting municipal taxation (chapter F-2.1), and the excess it may need for such purposes must be levied by means of a special tax on immovables.
The sinking-fund must be collected each year, and invested according to the by-laws; and the members of the council are personally and jointly and severally responsible for the collection and investment of such fund.
The annual tax may be levied from the coming into force of the by-law. Until the bonds are issued or until the loan is contracted, the tax may be levied at a rate sufficient to pay incidental charges in respect of the loan and its object, including interest on temporary loans.
Only a local municipality may impose a tax under this article.
M.C. 1916, a. 766; 1930, c. 103, s. 19; 1984, c. 38, s. 81; 1992, c. 27, s. 55; 1994, c. 30, s. 96; 1996, c. 2, s. 435.
1072. Every by-law ordering a loan must also provide, in accordance with the following rules, for the payment of the interest and for the establishment of a sinking-fund.
The sinking-fund may be established either by means of a special tax imposed by the by-law and levied annually, until the extinction of the debt, on all taxable immovables in the territory of the municipality or only on those the owners of which are bound to contribute to the repayment of such a loan, or by setting aside each year for that purpose a portion of the general revenues of the municipality. In either case, the amount paid each year into the sinking-fund must be sufficient to yield, with compound interest at a rate of 3.5 % per annum, the capital to be paid at maturity.
The sum necessary for the payment of interest may likewise be taken from the general revenues or levied annually by means of a special tax imposed by the by-law on the immovables referred to in the second paragraph.
Nevertheless, no municipality may, to pay the interest and establish the sinking-fund, use more than one-half of the ordinary revenues from the general taxes it is empowered to impose under articles 989 and following and from the business tax or the surtax or tax on non-residential immovables it is empowered to impose under the Act respecting municipal taxation (chapter F-2.1), and the excess it may need for such purposes must be levied by means of a special tax on immovables.
The sinking-fund must be collected each year, and invested according to the by-laws; and the members of the council are personally and jointly and severally responsible for the collection and investment of such fund.
The annual tax may be levied from the coming into force of the by-law. Until the bonds are issued or until the loan is contracted, the tax may be levied at a rate sufficient to pay incidental charges in respect of the loan and its object, including interest on temporary loans.
M.C. 1916, a. 766; 1930, c. 103, s. 19; 1984, c. 38, s. 81; 1992, c. 27, s. 55; 1994, c. 30, s. 96.
1072. Every by-law ordering a loan must also provide, in accordance with the following rules, for the payment of the interest and for the establishment of a sinking-fund.
The sinking-fund may be established either by means of a special tax imposed by the by-law and levied annually, until the extinction of the debt, on all taxable immovables in the territory of the municipality or only on those the owners of which are bound to contribute to the repayment of such a loan, or by setting aside each year for that purpose a portion of the general revenues of the municipality. In either case, the amount paid each year into the sinking-fund must be sufficient to yield, with compound interest at a rate of 3.5 % per annum, the capital to be paid at maturity.
The sum necessary for the payment of interest may likewise be taken from the general revenues or levied annually by means of a special tax imposed by the by-law on the immovables referred to in the second paragraph.
Nevertheless, no municipality may, to pay the interest and establish the sinking-fund, use more than one-half of the ordinary revenues from the general taxes it is empowered to impose under articles 989 and following and from the business tax or the surtax on non-residential immovables it is empowered to impose under the Act respecting municipal taxation (chapter F-2.1), and the excess it may need for such purposes must be levied by means of a special tax on immovables.
The sinking-fund must be collected each year, and invested according to the by-laws; and the members of the council are personally and jointly and severally responsible for the collection and investment of such fund.
The annual tax may be levied from the coming into force of the by-law. Until the bonds are issued or until the loan is contracted, the tax may be levied at a rate sufficient to pay incidental charges in respect of the loan and its object, including interest on temporary loans.
M.C. 1916, a. 766; 1930, c. 103, s. 19; 1984, c. 38, s. 81; 1992, c. 27, s. 55.
1072. No bonds may be issued and no loan may be contracted unless the by-law authorizing the same imposes upon all taxable immovable property liable for the payment of such loan or bonds, an annual tax sufficient for the payment of the yearly interest thereon, and the sinking-fund or annual payment, until the extinction of such debt; the apportionment of the moneys or the tax to be imposed and levied for the payment each year of the interest and the sinking-fund, shall be based on the valuation roll in force at the time of such apportionment or the imposition of such tax, without prejudice to the rights of bond-holders.
The sinking-fund must be collected each year, and invested according to the by-laws; and the members of the council are personally and jointly and severally responsible for the collection and investment of such fund.
The annual tax may be levied from the coming into force of the by-law. Until the bonds are issued or until the loan is contracted, the tax may be levied at a rate sufficient to pay incidental charges in respect of the loan and its object, including interest on temporary loans.
M.C. 1916, a. 766; 1930, c. 103, s. 19; 1984, c. 38, s. 81.
1072. No bonds may be issued and no loan may be contracted unless the by-law authorizing the same imposes upon all taxable immovable property liable for the payment of such loan or bonds, an annual tax sufficient for the payment of the yearly interest thereon, and the sinking-fund or annual payment, until the extinction of such debt; the apportionment of the moneys or the tax to be imposed and levied for the payment each year of the interest and the sinking-fund, shall be based on the valuation roll in force at the time of such apportionment or the imposition of such tax, without prejudice to the rights of bond-holders.
The sinking-fund must be collected each year, and invested according to the by-laws; and the members of the council are personally and jointly and severally responsible for the collection and investment of such fund.
M.C. 1916, a. 766; 1930, c. 103, s. 19.
© Gouvernement du Québec