3. If the sources of financing provided for in section 2 do not make the funds required for such purpose available to the municipality, the by-law must provide for the imposing of a special tax upon the immovables of the territory of the municipality or the portion of the territory affected by the works or upon the immovables of the property-owners liable for the cost of such works, as the case may be, or for a loan, and in such case the by-law must comply with all the conditions and formalities required by law regarding municipal loans.
Only a local municipality may impose the tax referred to in the first paragraph.
R. S. 1964, c. 177, s. 3; 1986, c. 39, s. 2; 1996, c. 2, s. 971.