98. With the general or special authorization of the Government, the Commission may obtain loans from the Municipal Development and Loan Board for the purpose of making loans to municipalities.
For such purposes, the Commission may issue bonds or other securities and determine the form, amount, maturity, rate of interest and other conditions thereof; make loans to municipalities and determine the form, amount, maturity, rate of interest and other conditions thereof; acquire bonds or other securities of municipalities, give the same as security for its own loans or otherwise dispose thereof.
The Commission, when it has granted a loan to a municipality with moneys borrowed from the Municipal Development and Loan Board, shall allow to such municipality a rebate equivalent to the amount that may be forgiven by the Board and shall not charge a higher rate of interest than it is obliged to pay to the Board.
R. S. 1964, c. 170, s. 91.