306.1. The interest on and amortization of all loans of the city of Montréal contemplated in section 306 and payable by it in a fiscal year of the Community shall be certified by the director of finance of the city not later than 1 September of the year preceding that fiscal year.
The expenditure provided for in the certificate shall form part of the budget of the Community for the said fiscal year. It shall be apportioned by the treasurer of the Community within the time fixed in section 220 and shall be payable to the Community by the municipalities situated in the territory of the corporation in accordance with that section.
The Community shall pay the amount of the expenditure to the city of Montréal in four instalments, the last of which may be lesser, on 1 March, 1 June, 1 September and 1 November each year.