15. When a municipality wishes to contract a loan from a money market other than the Canadian market or which is to be repaid in whole or in part in foreign currency, such municipality must previously be authorized to do so by the Minister of Finance and the Minister of Municipal Affairs, Sports and Recreation. Furthermore, the execution of any registration formality allowing access to a money market other than the Canadian market and any negotiation in respect of a loan contemplated in this paragraph must previously be authorized by the Minister ofFinance and the Minister of Municipal Affairs, Sports and Recreation.
Every municipality may empower any person it designates to apply for an authorization provided for in the first paragraph.
Whenever such authorization has been given and the municipality has contracted a loan by complying with the legislative provisions governing it in that respect and that the Act, by-law or resolution authorizing the loan limits the amount thereof, such amount shall be deemed to be the nominal value of the bonds or other securities issued in connection with such loan, regardless of any premium that may be payable on redemption and regardless of the fact that such bonds or other securities may be sold at a premium or discount; and the loan shall be deemed to have been authorized in both foreign and Canadian currency, notwithstanding any difference in value existing between them at the time of the loan or after the same has been effected.
Notwithstanding any provision of a general law or special Act, a loan referred to in the first paragraph requires no authorization by the Minister of Municipal Affairs, Sports and Recreation other than the authorizations provided for in that paragraph, and no subsequent approval by that Minister.
R. S. 1964, c. 171, s. 15; 1972, c. 60, s. 36; 1977, c. 5, s. 14; 1982, c. 63, s. 188; 1984, c. 27, s. 59; 1988, c. 84, s. 580; 1995, c. 34, s. 73; 1996, c. 2, s. 623; 1999, c. 43, s. 13; 2003, c. 19, s. 250.