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C-19 - Cities and Towns Act

Section 547
Disposition versions

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547. The 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 expiry of the term of the loan upon the taxable immovable property in the territory of the municipality or upon the immovable property of owners or occupants liable for the payment of the loan, or by annually setting aside for that purpose a portion of the general revenues of the municipality. In both instances, the sum paid each year into the sinking fund must be sufficient to yield, with compound interest thereon at the 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 a special tax imposed by the by-law on the taxable immovable property in the territory of the municipality or on that of the owners or occupants liable for the payment of the loan.
Where a special tax is imposed to be levied annually, it may be levied from the coming into force of the by-law. Until the bonds, notes or other securities are issued, 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.
R. S. 1964, c. 193, s. 585; 1979, c. 72, s. 317; 1984, c. 38, s. 31; 1991, c. 32, s. 164; 1992, c. 27, s. 15; 1994, c. 30, s. 92; 1996, c. 2, s. 200; 1999, c. 90, s. 5; 2004, c. 20, s. 100; 2017, c. 13, s. 65.
547. The 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 expiry of the term of the loan upon the taxable immovable property in the territory of the municipality or upon the immovable property of owners or occupants liable for the payment of the loan, or by annually setting aside for that purpose a portion of the general revenues of the municipality. In both instances, the sum paid each year into the sinking fund must be sufficient to yield, with compound interest thereon at the 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 a special tax imposed by the by-law on the taxable immovable property in the territory of the municipality or on that of the owners or occupants liable for the payment of the loan.
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 sections 485 and following and 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.
Where a special tax is imposed to be levied annually, it may be levied from the coming into force of the by-law. Until the bonds, notes or other securities are issued, 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.
R. S. 1964, c. 193, s. 585; 1979, c. 72, s. 317; 1984, c. 38, s. 31; 1991, c. 32, s. 164; 1992, c. 27, s. 15; 1994, c. 30, s. 92; 1996, c. 2, s. 200; 1999, c. 90, s. 5; 2004, c. 20, s. 100.
547. The 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 expiry of the term of the loan upon the taxable immovable property in the territory of the municipality or upon the immovable property of owners or occupants liable for the payment of the loan, or by annually setting aside for that purpose a portion of the general revenues of the municipality. In both instances, the sum paid each year into the sinking-fund must be sufficient to yield, with compound interest thereon at the 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 a special tax imposed by the by-law on the taxable immovable property in the territory of the municipality or on that of the owners or occupants liable for the payment of the loan.
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 sections 485 and following and 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.
Where a special tax is imposed to be levied annually, it may be levied from the coming into force of the by-law. Until the bonds, notes or other securities are issued, 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.
R. S. 1964, c. 193, s. 585; 1979, c. 72, s. 317; 1984, c. 38, s. 31; 1991, c. 32, s. 164; 1992, c. 27, s. 15; 1994, c. 30, s. 92; 1996, c. 2, s. 200; 1999, c. 90, s. 5.
547. The 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 expiry of the term of the loan upon the taxable immovable property in the territory of the municipality or upon the immovable property of owners or occupants liable for the payment of the loan, or by annually setting aside for that purpose a portion of the general revenues of the municipality. In both instances, the sum paid each year into the sinking-fund must be sufficient to yield, with compound interest thereon at the 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 a special tax imposed by the by-law on the taxable immovable property in the territory of the municipality or on that of the owners or occupants liable for the payment of the loan.
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 sections 485 and following and 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.
Where a special tax is imposed to be levied annually, it may be levied from the coming into force of the by-law. Until the bonds, notes or other securities are issued, 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.
R. S. 1964, c. 193, s. 585; 1979, c. 72, s. 317; 1984, c. 38, s. 31; 1991, c. 32, s. 164; 1992, c. 27, s. 15; 1994, c. 30, s. 92; 1996, c. 2, s. 200.
547. The 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 expiry of the term of the loan upon the taxable immovable property in the municipality or upon the immovable property of owners or occupants liable for the payment of the loan, or by annually setting aside for that purpose a portion of the general revenues of the municipality. In both instances, the sum paid each year into the sinking-fund must be sufficient to yield, with compound interest thereon at the 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 a special tax imposed by the by-law on the taxable immovable property in the municipality or on that of the owners or occupants liable for the payment of the loan.
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 sections 485 and following and 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.
Where a special tax is imposed to be levied annually, it may be levied from the coming into force of the by-law. Until the bonds, notes or other securities are issued, 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.
R. S. 1964, c. 193, s. 585; 1979, c. 72, s. 317; 1984, c. 38, s. 31; 1991, c. 32, s. 164; 1992, c. 27, s. 15; 1994, c. 30, s. 92.
547. The 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 expiry of the term of the loan upon the taxable immovable property in the municipality or upon the immovable property of owners or occupants liable for the payment of the loan, or by annually setting aside for that purpose a portion of the general revenues of the municipality. In both instances, the sum paid each year into the sinking-fund must be sufficient to yield, with compound interest thereon at the rate of three and one-half per cent 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 a special tax imposed by the by-law on the taxable immovable property in the municipality or on that of the owners or occupants liable for the payment of the loan.
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 sections 485 and following and 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.
Where a special tax is imposed to be levied annually, it may be levied from the coming into force of the by-law. Until the bonds, notes or other securities are issued, 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.
R. S. 1964, c. 193, s. 585; 1979, c. 72, s. 317; 1984, c. 38, s. 31; 1991, c. 32, s. 164; 1992, c. 27, s. 15.
547. The 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 expiry of the term of the loan upon the taxable immovable property in the municipality or upon the immovable property of owners or occupants liable for the payment of the loan, or by annually setting aside for that purpose a portion of the general revenues of the municipality. In both instances, the sum paid each year into the sinking-fund must be sufficient to yield, with compound interest thereon at the rate of three and one-half per cent 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 a special tax imposed by the by-law on the taxable immovable property in the municipality or on that of the owners or occupants liable for the payment of the loan.
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 sections 485 and following and 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.
Where a special tax is imposed to be levied annually, it may be levied from the coming into force of the by-law. Until the bonds or notes are issued, 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.
R. S. 1964, c. 193, s. 585; 1979, c. 72, s. 317; 1984, c. 38, s. 31; 1991, c. 32, s. 164.
547. The 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 expiry of the term of the loan upon the taxable immovable property in the municipality or upon the immovable property of owners or occupants liable for the payment of the loan, or by annually setting aside for that purpose a portion of the general revenues of the municipality. In both instances, the sum paid each year into the sinking-fund must be sufficient to yield, with compound interest thereon at the rate of three and one-half per cent 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 a special tax imposed by the by-law on the taxable immovable property in the municipality or on that of the owners or occupants liable for the payment of the loan.
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 sections 485 and following and the business tax it is empowered to impose under the Act respecting municipal taxation, and the excess it may need for such purposes must be levied by means of a special tax on immovables.
Where a special tax is imposed to be levied annually, it may be levied from the coming into force of the by-law. Until the bonds or notes are issued, 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.
R. S. 1964, c. 193, s. 585; 1979, c. 72, s. 317; 1984, c. 38, s. 31.
547. The 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 for the term of the loan upon the taxable immoveable property in the municipality or upon the immoveable property of owners or occupants liable for the payment of the loan, or by annually setting aside for that purpose a portion of the general revenues of the corporation. In both instances, the sum paid each year into the sinking-fund must be sufficient to yield, with compound interest thereon at the rate of three and one-half per cent per annum, the capital to be repaid at maturity.
The sum necessary for the payment of interest may likewise be taken from the general revenues, or levied annually by a special tax imposed by the by-law on the taxable immoveable property in the municipality or on that of the owners or occupants liable for the payment of the loan.
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 sections 485 and following and the business tax it is empowered to impose under the Act respecting municipal taxation, and the excess it may need for such purposes must be levied by means of a special tax on immoveables.
R. S. 1964, c. 193, s. 585; 1979, c. 72, s. 317.
547. The 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 for the term of the loan upon the taxable immoveable property in the municipality or upon the immoveable property of owners or occupants liable for the payment of the loan, or by annually setting aside for that purpose a portion of the general revenues of the corporation. In both instances, the sum paid each year into the sinking-fund must be sufficient to yield, with compound interest thereon at the rate of three and one-half per cent per annum, the capital to be repaid at maturity.
The sum necessary for the payment of interest may likewise be taken from the general revenues, or levied annually by a special tax imposed by the by-law on the taxable immoveable property in the municipality or on that of the owners or occupants liable for the payment of the loan.
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 sections 485 and following, and the excess it may need for such purposes must be levied by means of a special tax on immoveables.
R. S. 1964, c. 193, s. 585.
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