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C-37.2 - Act respecting the Communauté urbaine de Montréal
Section 222
Disposition versions
222. The municipalities mentioned in Schedule D are bound to repay to the Urban Community on the dates there provided the sums appearing in such Schedule opposite their respective names.
Such municipalities are authorized to borrow for the purposes of such repayments, up to the sums appearing in such Schedule opposite their respective names, plus the interest on temporary loans, the amount of the discount on the sale of the securities issued for contracting such loans and the expenses accessory to the loans.
Such loans shall be made by issue of bonds bearing interest at a rate not exceeding the maximum nominal rate permitted by the Government for municipal loans; they shall be made by by-law or resolution of the municipalities concerned, for a term corresponding to the remainder of the period provided for in the by-laws or resolutions mentioned in such Schedule and remaining to run.
A loan by-law or resolution adopted under this section requires no other approval than that of the Minister.
222. The municipalities mentioned in Schedule D are bound to repay to the Urban Community on the dates there provided the sums appearing in such Schedule opposite their respective names.
Such municipalities are authorized to borrow for the purposes of such repayments, up to the sums appearing in such Schedule opposite their respective names, plus the interest on temporary loans, the amount of the discount on the sale of the securities issued for contracting such loans and the expenses accessory to the loans.
Such loans shall be made by issue of bonds bearing interest at a rate not exceeding the maximum nominal rate permitted by the Government for municipal loans; they shall be made by by-law or resolution of the municipalities concerned, for a term corresponding to the remainder of the period provided for in the by-laws or resolutions mentioned in such Schedule and remaining to run.
A loan by-law or resolution adopted under this section requires no other approval than that of the Minister and of the Commission municipale du Québec.
