D-7 - Act respecting municipal debts and loans

Section 2 Disposition versions

2009-06-17

2. A municipality may, by resolution, issue bonds, notes or other securities for shorter terms than the term originally fixed, and may establish a sinking fund at a rate based on the term of the loan, provided that each issue subsequent to the first one be only for all or part of the balance of the loan.

Notwithstanding section 1 or any general law or special Act, when new bonds or new notes or other securities are issued to pay all or part of the balance of a loan the securities for which were issued for shorter terms than the term originally fixed, the municipality may, by resolution, extend such term by a maximum of twelve months at the time of each issue of new bonds or new notes or other securities.

A municipality may also, if authorized by a by-law requiring no other approval than that of the Minister of Municipal Affairs, Regions and Land Occupancy, borrow the necessary sums of money to meet the cost of printing and sale of the bonds, notes or other securities of a subsequent issue contemplated in the second paragraph.

Where it is necessary to provide for the payment, before maturity, of bonds, notes or other securities authorized by a loan by-law, a municipality may, within six months preceding the maturity date of such negotiable instruments, borrow, by way of a new issue of bonds, notes or other securities made pursuant to the same loan by-law, the sums necessary for the payment less the sums already paid for that purpose into a sinking fund. The reimbursement period applicable to the anticipated loan shall be extended by the number of unexpired days in the reimbursement period applicable to the previous loan.

Notwithstanding any general law or special Act, this section applies to every body the loans of which must be approved by the Minister of Municipal Affairs, Regions and Land Occupancy.

The council of a local municipality with a population of 100,000 or more may, by by-law, delegate to the treasurer the exercise of the powers granted under the first, second and fourth paragraphs.

R. S. 1964, c. 171, s. 2; 1966-67, c. 54, s. 1; 1973, c. 33, s. 1; 1977, c. 5, s. 14; 1983, c. 57, s. 105; 1984, c. 38, s. 145; 1987, c. 42, s. 9; 1999, c. 31, s. 13; 1999, c. 43, s. 13; 2003, c. 19, s. 184, s. 250; 2005, c. 28, s. 196; 2009, c. 26, s. 109.

2005-06-17

2. A municipality may, by resolution, issue bonds, notes or other securities for shorter terms than the term originally fixed, and may establish a sinking fund at a rate based on the term of the loan, provided that each issue subsequent to the first one be only for all or part of the balance of the loan.

Notwithstanding section 1 or any general law or special Act, when new bonds or new notes or other securities are issued to pay all or part of the balance of a loan the securities for which were issued for shorter terms than the term originally fixed, the municipality may, by resolution, extend such term by a maximum of twelve months at the time of each issue of new bonds or new notes or other securities.

A municipality may also, if authorized by a by-law requiring no other approval than that of the Minister of Municipal Affairs and Regions, borrow the necessary sums of money to meet the cost of printing and sale of the bonds, notes or other securities of a subsequent issue contemplated in the second paragraph.

Where it is necessary to provide for the payment, before maturity, of bonds, notes or other securities authorized by a loan by-law, a municipality may, within six months preceding the maturity date of such negotiable instruments, borrow, by way of a new issue of bonds, notes or other securities made pursuant to the same loan by-law, the sums necessary for the payment less the sums already paid for that purpose into a sinking fund. The reimbursement period applicable to the anticipated loan shall be extended by the number of unexpired days in the reimbursement period applicable to the previous loan.

Notwithstanding any general law or special Act, this section applies to every body the loans of which must be approved by the Minister of Municipal Affairs and Regions.

The council of a local municipality with a population of 100,000 or more may, by by-law, delegate to the treasurer the exercise of the powers granted under the first, second and fourth paragraphs.

R. S. 1964, c. 171, s. 2; 1966-67, c. 54, s. 1; 1973, c. 33, s. 1; 1977, c. 5, s. 14; 1983, c. 57, s. 105; 1984, c. 38, s. 145; 1987, c. 42, s. 9; 1999, c. 31, s. 13; 1999, c. 43, s. 13; 2003, c. 19, s. 184, s. 250; 2005, c. 28, s. 196.

2003-12-18

2. A municipality may, by resolution, issue bonds, notes or other securities for shorter terms than the term originally fixed, and may establish a sinking-fund at a rate based on the term of the loan, provided that each issue subsequent to the first one be only for all or part of the balance of the loan.

Notwithstanding section 1 or any general law or special Act, when new bonds or new notes or other securities are issued to pay all or part of the balance of a loan the securities for which were issued for shorter terms than the term originally fixed, the municipality may, by resolution, extend such term by a maximum of twelve months at the time of each issue of new bonds or new notes or other securities.

A municipality may also, if authorized by a by-law requiring no other approval than that of the Minister of Municipal Affairs, Sports and Recreation, borrow the necessary sums of money to meet the cost of printing and sale of the bonds, notes or other securities of a subsequent issue contemplated in the second paragraph.

Where it is necessary to provide for the payment, before maturity, of bonds, notes or other securities authorized by a loan by-law, a municipality may, within six months preceding the maturity date of such negotiable instruments, borrow, by way of a new issue of bonds, notes or other securities made pursuant to the same loan by-law, the sums necessary for the payment less the sums already paid for that purpose into a sinking-fund. The reimbursement period applicable to the anticipated loan shall be extended by the number of unexpired days in the reimbursement period applicable to the previous loan.

Notwithstanding any general law or special Act, this section applies to every body the loans of which must be approved by the Minister of Municipal Affairs, Sports and Recreation.

The council of a local municipality with a population of 100,000 or more may, by by-law, delegate to the treasurer the exercise of the powers granted under the first, second and fourth paragraphs.

R. S. 1964, c. 171, s. 2; 1966-67, c. 54, s. 1; 1973, c. 33, s. 1; 1977, c. 5, s. 14; 1983, c. 57, s. 105; 1984, c. 38, s. 145; 1987, c. 42, s. 9; 1999, c. 31, s. 13; 1999, c. 43, s. 13; 2003, c. 19, s. 184, s. 250.

1999-10-27

2. A municipality may, by resolution, issue bonds, notes or other securities for shorter terms than the term originally fixed, and may establish a sinking-fund at a rate based on the term of the loan, provided that each issue subsequent to the first one be only for all or part of the balance of the loan.

Notwithstanding section 1 or any general law or special Act, when new bonds or new notes or other securities are issued to pay all or part of the balance of a loan the securities for which were issued for shorter terms than the term originally fixed, the municipality may, by resolution, extend such term by a maximum of twelve months at the time of each issue of new bonds or new notes or other securities.

A municipality may also, if authorized by a by-law requiring no other approval than that of the Minister of Municipal Affairs and Greater Montréal, borrow the necessary sums of money to meet the cost of printing and sale of the bonds, notes or other securities of a subsequent issue contemplated in the second paragraph.

Where it is necessary to provide for the payment, before maturity, of bonds, notes or other securities authorized by a loan by-law, a municipality may, within six months preceding the maturity date of such negotiable instruments, borrow, by way of a new issue of bonds, notes or other securities made pursuant to the same loan by-law, the sums necessary for the payment less the sums already paid for that purpose into a sinking-fund. The reimbursement period applicable to the anticipated loan shall be extended by the number of unexpired days in the reimbursement period applicable to the previous loan.

Notwithstanding any general law or special Act, this section applies to every body the loans of which must be approved by the Minister of Municipal Affairs and Greater Montréal.

R. S. 1964, c. 171, s. 2; 1966-67, c. 54, s. 1; 1973, c. 33, s. 1; 1977, c. 5, s. 14; 1983, c. 57, s. 105; 1984, c. 38, s. 145; 1987, c. 42, s. 9; 1999, c. 31, s. 13; 1999, c. 43, s. 13.

1999-06-19

2. A municipality may, by resolution, issue bonds, notes or other securities for shorter terms than the term originally fixed, and may establish a sinking-fund at a rate based on the term of the loan, provided that each issue subsequent to the first one be only for all or part of the balance of the loan.

Notwithstanding section 1 or any general law or special Act, when new bonds or new notes or other securities are issued to pay all or part of the balance of a loan the securities for which were issued for shorter terms than the term originally fixed, the municipality may, by resolution, extend such term by a maximum of twelve months at the time of each issue of new bonds or new notes or other securities.

A municipality may also, if authorized by a by-law requiring no other approval than that of the Minister of Municipal Affairs, borrow the necessary sums of money to meet the cost of printing and sale of the bonds, notes or other securities of a subsequent issue contemplated in the second paragraph.

Where it is necessary to provide for the payment, before maturity, of bonds, notes or other securities authorized by a loan by-law, a municipality may, within six months preceding the maturity date of such negotiable instruments, borrow, by way of a new issue of bonds, notes or other securities made pursuant to the same loan by-law, the sums necessary for the payment less the sums already paid for that purpose into a sinking-fund. The reimbursement period applicable to the anticipated loan shall be extended by the number of unexpired days in the reimbursement period applicable to the previous loan.

Notwithstanding any general law or special Act, this section applies to every body the loans of which must be approved by the Minister of Municipal Affairs.

R. S. 1964, c. 171, s. 2; 1966-67, c. 54, s. 1; 1973, c. 33, s. 1; 1977, c. 5, s. 14; 1983, c. 57, s. 105; 1984, c. 38, s. 145; 1987, c. 42, s. 9; 1999, c. 31, s. 13.

1987-06-23

2. A municipality may, by resolution, issue bonds, notes or other securities for shorter terms than the term originally fixed, and may establish a sinking-fund at a rate based on the term of the loan, provided that each issue subsequent to the first one be only for all or part of the balance of the loan.

Notwithstanding section 1 or any general law or special Act, when new bonds or new notes or other securities are issued to pay all or part of the balance of a loan the securities for which were issued for shorter terms than the term originally fixed, the municipality may, by resolution, extend such term by a maximum of twelve months at the time of each issue of new bonds or new notes or other securities.

A municipality may also, if authorized by a by-law requiring no other approval than that of the Minister of Municipal Affairs, borrow the necessary sums of money to meet the cost of printing and sale of the bonds, notes or other securities of a subsequent issue contemplated in the second paragraph.

Where it is necessary to provide for the payment, before maturity, of bonds, notes or other securities authorized by a loan by-law, a municipality may, within seven days preceding the maturity date of such negotiable instruments, borrow, by way of a new issue of bonds, notes or other securities made pursuant to the same loan by-law, the sums necessary for the payment less the sums already paid for that purpose into a sinking-fund. The reimbursement period applicable to the anticipated loan shall be extended by the number of unexpired days in the reimbursement period applicable to the previous loan.

Notwithstanding any general law or special Act, this section applies to every body the loans of which must be approved by the Minister of Municipal Affairs.

R. S. 1964, c. 171, s. 2; 1966-67, c. 54, s. 1; 1973, c. 33, s. 1; 1977, c. 5, s. 14; 1983, c. 57, s. 105; 1984, c. 38, s. 145; 1987, c. 42, s. 9.

1985-01-01

2. A municipality may, by resolution, issue bonds, notes or other securities for shorter terms than the term originally fixed, and may establish a sinking-fund at a rate based on the term of the loan, provided that each issue subsequent to the first one be only for all or part of the balance of the loan.

Notwithstanding section 1 or any general law or special Act, when new bonds or new notes or other securities are issued to pay all or part of the balance of a loan the securities for which were issued for shorter terms than the term originally fixed, the municipality may, by resolution, extend such term by a maximum of twelve months at the time of each issue of new bonds or new notes or other securities.

A municipality may also, if authorized by a by-law requiring no other approval than that of the Minister of Municipal Affairs, borrow the necessary sums of money to meet the cost of printing and sale of the bonds, notes or other securities of a subsequent issue contemplated in the second paragraph.

Notwithstanding any general law or special Act, this section applies to every body the loans of which must be approved by the Minister of Municipal Affairs.

R. S. 1964, c. 171, s. 2; 1966-67, c. 54, s. 1; 1973, c. 33, s. 1; 1977, c. 5, s. 14; 1983, c. 57, s. 105; 1984, c. 38, s. 145.

1983-12-22

2. Any municipality incorporated by special act or under the provisions of a general act, may, by means of a resolution approved by the Minister of Municipal Affairs, issue bonds or other negotiable instruments for shorter terms than the term originally fixed, and may establish a sinking-fund at a rate based on the term of the loan, provided that each issue subsequent to the first one be only for all or part of the balance of the loan.

Notwithstanding section 1 or any general or special act, when new bonds are issued to pay all or part of the balance of a loan the bonds for which were issued for shorter terms than the term originally fixed, such term may, by means of a resolution approved by the Minister of Municipal Affairs, be extended by a maximum of twelve months at the time of each new bond issue.

Such a municipality may also, if authorized by by-law requiring no other approval than that of the Minister of Municipal Affairs and the Commission municipale du Québec, borrow the necessary moneys to meet the cost of printing and sale of the bonds of a subsequent issue contemplated in the preceding paragraph.

Notwithstanding any general or special act, this section applies to every body the loan procedures of which must be approved by the Commission municipale du Québec.

R. S. 1964, c. 171, s. 2; 1966-67, c. 54, s. 1; 1973, c. 33, s. 1; 1977, c. 5, s. 14; 1983, c. 57, s. 105.

1977-12-31

2. Any municipality incorporated by special act or under the provisions of a general act, may, by means of a resolution approved by the Minister of Municipal Affairs, issue bonds or other negotiable instruments for shorter terms than the term originally fixed, and may establish a sinking-fund at a rate based on the term of the loan, provided that each issue subsequent to the first one be only for the balance due on the loan.

Notwithstanding section 1 or any general or special act, when new bonds are issued to pay the balance of a loan the bonds for which were issued for shorter terms than the term originally fixed, such term may, by means of a resolution approved by the Minister of Municipal Affairs, be extended by a maximum of twelve months at the time of each new bond issue.

Such a municipality may also, if authorized by by-law requiring no other approval than that of the Minister of Municipal Affairs and the Commission municipale du Québec, borrow the necessary moneys to meet the cost of printing and sale of the bonds of a subsequent issue contemplated in the preceding paragraph.

Notwithstanding any general or special act, this section applies to every body the loan procedures of which must be approved by the Commission municipale du Québec.

R. S. 1964, c. 171, s. 2; 1966-67, c. 54, s. 1; 1973, c. 33, s. 1; 1977, c. 5, s. 14.