D-7 - Act respecting municipal debts and loans

Section 34 Disposition versions

2016-05-18

34. When the principal of a loan contracted, or of bonds issued, by a municipality is repayable by annuity instalments or by a series of consecutive and yearly instalments covering the whole term of the loan or of the bond issue, the moneys set aside each year for the sinking fund shall be sufficient to meet each instalment, and shall be used for such purpose at each date on which an instalment becomes due.

When such principal is otherwise repayable, the moneys intended for the sinking fund shall be sufficient every year, with the interest accrued thereon, to pay the whole of the capital at maturity. The moneys necessary to make the payments on the dates instalments, if any, fall due are taken out of the fund.

The sinking fund is administered by the Minister of Finance.

R. S. 1964, c. 171, s. 33; 1996, c. 2, s. 629; 2016, c. 7, s. 183.

1999-04-01

34. When the principal of a loan contracted, or of bonds issued, by a municipality is repayable by annuity instalments or by a series of consecutive and yearly instalments covering the whole term of the loan or of the bond issue, the moneys set aside each year for the sinking fund shall be sufficient to meet each instalment, and shall be used for such purpose at each date on which an instalment becomes due.

When such principal is repayable otherwise, the moneys intended for the sinking fund shall be sufficient every year, with the interest accrued thereon, to pay the whole of the capital at maturity, and shall be deposited every year in the office of the Minister of Finance, at Québec, and so much of said deposit as may be required shall be used to meet instalments, if any, at the dates on which they respectively fall due.

R. S. 1964, c. 171, s. 33; 1996, c. 2, s. 629.

1977-12-31

34. When the principal of a loan contracted, or of bonds issued, by a municipality incorporated by special act or under the provisions of the general law, is repayable by annuity instalments or by a series of consecutive and yearly instalments covering the whole term of the loan or of the bond issue, the moneys set aside each year for the sinking-fund shall be sufficient to meet each instalment, and shall be used for such purpose at each date on which an instalment becomes due.

When such principal is repayable otherwise, the moneys intended for the sinking-fund shall be sufficient every year, with the interest accrued thereon, to pay the whole of the capital at maturity, and shall be deposited every year in the office of the Minister of Finance, at Québec, and so much of said deposit as may be required shall be used to meet instalments, if any, at the dates on which they respectively fall due.

R. S. 1964, c. 171, s. 33.