C-37.2 - Act respecting the Communauté urbaine de Montréal

Section 225 Disposition versions

1999-10-22

1993-12-17

1985-01-01

1984-06-20

1982-07-11

0001-01-01

225. The Community may, by by-law subject to the approval of the Commission municipale du Québec, constitute a working fund the purpose, constitution and administration of which must comply with the following rules:

(1)  To constitute such working fund, the executive committee may authorize the treasurer of the Community to borrow through the issue and sale of treasury bills, notes or other securities the amounts which he deems necessary, provided the current nominal value of such treasury bills, notes or other securities does not at any time exceed one hundred and twenty-five million dollars.

(2)  Such treasury bills, notes or other securities may bear no nominal interest rate, shall be payable to bearer or to the holder registered according to their conditions, and shall mature no more than three hundred and sixty-five days after the date of their issue. They may bear the mention that they are redeemable in advance, without any other formalities and conditions than those mentioned in them, and must indicate that they are issued for the purposes of the working fund of the Urban Community.

(3)  The sale of the treasury bills, notes or other securities shall be carried out by agreement or by tender. Sale by agreement shall be made on behalf of the Community by the treasurer with the approval of the executive committee.

In the case of sale by tender, such tenders shall not be subject to section 32 and 120, but they shall be addressed to the treasurer and opened by him in presence of the chairman of the executive committee or, in his absence, in the presence of the vice-chairman of the executive committee, the secretary-general, or his deputy. The treasurer, on behalf of the Community, shall make the sale to the tenderer or tenderers who submitted the tender or tenders which the treasurer deems to be the most advantageous to the Community, but he shall not be held to accept any tender.

(4)  No loan from such working fund may be granted for a term exceeding three years in the case of subparagraph a and exceeding one year in the other cases and:

(a)  for all purposes for which the Community is authorized to borrow temporarily in anticipation of the sale of securities;

(b)  in anticipation of the collection of revenue for the current year; or

(c)  in anticipation of the collection of tax arrears.

However, in the case of loans granted pending the payment of advances on loans to be granted by the Canada Mortgage and Housing Corporation, the loans granted out of such fund may be for a term of more than three years and apply until any such loan is granted to the Community by the Canada Mortgage and Housing Corporation.

(5)  Moneys out of the working fund may be invested in treasury bills or in other short-term bonds or securities provided for in paragraphs a, b and c of article 981o of the Civil Code. Such moneys may also be placed at short term in a chartered bank or other financial institution authorized to receive deposits.

(6)  The executive committee may authorize the treasurer of the Community to invest in such fund, for periods not to exceed ninety days, the available balance of the administrative budget fund or the temporarily unused balance of the proceeds from long term loans.

(7)  At the end of a fiscal year of the Community, any operating surplus of the working fund shall be transferred to the general fund of the Community, and any deficit shall be made good out of such fund if need be.

1971, c. 90, s. 23; 1972, c. 73, s. 10; 1974, c. 82, s. 27; 1975, c. 87, s, 11; 1977, c. 5, s. 14; S. C. 1978-79, c. 16, s. 12.