C-27.1 - Municipal Code of Québec

Section 1063 Disposition versions

2008-06-12

1063. Every by-law ordering a loan must

(1)  specify its object;

(2)  contain a detailed description of the expenditure to be incurred under the by-law;

(3)  indicate the amount and term of the loan.

However, a by-law adopted by the council of a local municipality and ordering a loan for the purpose of capital expenditures may mention the object of the by-law only in general terms and indicate only the amount and maximum term of the loan if the following conditions are met:

(1)  the by-law prescribes, for repayment of the loan, the annual appropriation of a portion of the general revenues of the municipality or the imposition of a tax based on the municipal valuation on all taxable immovables in the territory of the municipality; and

(2)  the total amount of the loans ordered by the municipality during the fiscal year, under a by-law made under this paragraph, does not exceed the higher of $100,000 and the amount equivalent to 0.25% of the standardized property value of the municipality as determined under Division I of Chapter XVIII.1 of the Act respecting municipal taxation (chapter F‐2.1), according to the most recent summary of the assessment roll produced before the fiscal year.

For the purposes of subparagraph 2 of the second paragraph, the total amount of the loans ordered by the municipality is deemed to exceed the maximum amount provided for in that paragraph on the adoption of a loan by-law that would cause the total amount to exceed that maximum amount if it came into force.

M.C. 1916, a. 759; 1917-18, c. 60, s. 20; 1919, c. 59, s. 26; 1933, c. 118, s. 3; 1994, c. 33, s. 43; 2006, c. 31, s. 44; 2008, c. 18, s. 57.

2006-06-15

1063. Every by-law ordering a loan must

(1)  specify its object;

(2)  contain a detailed description of the expenditure to be incurred under the by-law;

(3)  indicate the amount and term of the loan.

However, a by-law ordering a loan for the purpose of capital expenditures may mention the object of the by-law only in general terms and indicate only the amount and maximum term of the loan if the following conditions are met:

(1)  the by-law imposes, for repayment of the loan, a tax based on the municipal valuation on all taxable immovables in the territory of the municipality; and

(2)  the total amount of the loans ordered by the municipality during the fiscal year, under a by-law made under this paragraph, does not exceed the higher of $100,000 and the amount equivalent to 0.25 % of the standardized property value of the municipality as determined under Division I of Chapter XVIII.1 of the Act respecting municipal taxation (chapter F‐2.1), according to the most recent summary of the assessment roll produced before the fiscal year.

For the purposes of subparagraph 2 of the second paragraph, the total amount of the loans ordered by the municipality is deemed to exceed the maximum amount provided for in that paragraph on the adoption of a loan by-law that would cause the total amount to exceed that maximum amount if it came into force.

M.C. 1916, a. 759; 1917-18, c. 60, s. 20; 1919, c. 59, s. 26; 1933, c. 118, s. 3; 1994, c. 33, s. 43; 2006, c. 31, s. 44.

1999-04-01

1063. Every by-law ordering a loan must

(1)  specify its object;

(2)  contain a detailed description of the expenditure to be incurred under the by-law;

(3)  indicate the amount and term of the loan.

M.C. 1916, a. 759; 1917-18, c. 60, s. 20; 1919, c. 59, s. 26; 1933, c. 118, s. 3; 1994, c. 33, s. 43.