I-14 - The Education Act for Cree, Inuit and Naskapi Native Persons

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220. (1)  No issue of bonds may be made, nor loan contracted, unless, by the resolution authorizing the same, there be imposed, upon the taxable property held for the payment of such bonds or such loan, an annual tax sufficient for the payment of the interest each year, and at least 1% of the amount of the loan, besides the interest, to create a sinking fund for the extinction of the debt.
(2)  The Minister of Municipal Affairs, Regions and Land Occupancy may, however, upon the recommendation of the Minister of Education, Recreation and Sports, authorize a school board to defer the payment of the tax levied for the sinking fund, for the first two years.
(3)  It shall be the duty of the secretary-treasurer to make, every year until the payment of the loan or the redemption of the bonds, a special collection roll, apportioning, upon the taxable immovable property liable for the payment of such loan or such bonds, the amount of the tax imposed on each one for the payment of the interest and the annual payment into the sinking fund.
(4)  The moneys intended for the sinking fund shall be used yearly, or, in the case of a loan the whole of which is payable at a fixed date, entrusted yearly to the Minister of Finance, in conformity with the provisions of division XI of the Act respecting municipal debts and loans (chapter D-7).
(5)  Whenever, according to law, it is obligatory to deposit such moneys, and the deposit is not made as prescribed, the Minister of Revenue, as well as any trustee, bondholder, ratepayer or other interested party, may by an action at law compel the municipality to make such deposit, and, in case a judgment to that effect is obtained against the school board, the provisions of the law concerning the execution of judgments against municipalities, and contained in sections 400 to 422, shall apply.
(6)  With the approval of the Minister of Municipal Affairs, Regions and Land Occupancy, upon recommendation of the Minister of Education, Recreation and Sports, every school board may issue bonds or debentures for shorter terms than the term established for the loan by the resolution, and may create a sinking fund at a rate based upon the term of the loan, provided that each issue, after the first, be only for the balance due upon the loan.
Whenever a school board borrows the amounts necessary to defray the printing and selling costs of a subsequent bond issue contemplated in the preceding paragraph, it shall not be necessary to give the public notices prescribed in section 293.
(7)  This section does not apply to any issue of bonds made or to any loan contracted after 30 June 1980.
R. S. 1964, c. 235, s. 231; 1971, c. 67, s. 50; 1979, c. 72, s. 343; 1981, c. 27, s. 6; 1988, c. 84, s. 705; 1989, c. 36, s. 279; 1990, c. 35, s. 16; 1993, c. 51, s. 72; 1994, c. 16, s. 50; 1999, c. 40, s. 159; 1999, c. 43, s. 13; 2003, c. 19, s. 250; 2005, c. 28, s. 195, s. 196; 2009, c. 26, s. 109; 2010, c. 31, s. 90; 2016, c. 72016, c. 7, s. 183.
220. (1)  No issue of bonds may be made, nor loan contracted, unless, by the resolution authorizing the same, there be imposed, upon the taxable property held for the payment of such bonds or such loan, an annual tax sufficient for the payment of the interest each year, and at least 1% of the amount of the loan, besides the interest, to create a sinking fund for the extinction of the debt.
(2)  The Minister of Municipal Affairs, Regions and Land Occupancy may, however, upon the recommendation of the Minister of Education, Recreation and Sports, authorize a school board to defer the payment of the tax levied for the sinking fund, for the first two years.
(3)  It shall be the duty of the secretary-treasurer to make, every year until the payment of the loan or the redemption of the bonds, a special collection roll, apportioning, upon the taxable immovable property liable for the payment of such loan or such bonds, the amount of the tax imposed on each one for the payment of the interest and the annual payment into the sinking fund.
(4)  The moneys intended for the sinking fund shall be used yearly, or, in the case of a loan the whole of which is payable at a fixed date, deposited yearly in the office of the Minister of Finance, at Québec, in conformity with the provisions of division XI of the Act respecting municipal debts and loans (chapter D-7).
(5)  Whenever, according to law, it is obligatory to deposit such moneys, and the deposit is not made as prescribed, the Minister of Revenue, as well as any trustee, bondholder, ratepayer or other interested party, may by an action at law compel the municipality to make such deposit, and, in case a judgment to that effect is obtained against the school board, the provisions of the law concerning the execution of judgments against municipalities, and contained in sections 400 to 422, shall apply.
(6)  With the approval of the Minister of Municipal Affairs, Regions and Land Occupancy, upon recommendation of the Minister of Education, Recreation and Sports, every school board may issue bonds or debentures for shorter terms than the term established for the loan by the resolution, and may create a sinking fund at a rate based upon the term of the loan, provided that each issue, after the first, be only for the balance due upon the loan.
Whenever a school board borrows the amounts necessary to defray the printing and selling costs of a subsequent bond issue contemplated in the preceding paragraph, it shall not be necessary to give the public notices prescribed in section 293.
(7)  This section does not apply to any issue of bonds made or to any loan contracted after 30 June 1980.
R. S. 1964, c. 235, s. 231; 1971, c. 67, s. 50; 1979, c. 72, s. 343; 1981, c. 27, s. 6; 1988, c. 84, s. 705; 1989, c. 36, s. 279; 1990, c. 35, s. 16; 1993, c. 51, s. 72; 1994, c. 16, s. 50; 1999, c. 40, s. 159; 1999, c. 43, s. 13; 2003, c. 19, s. 250; 2005, c. 28, s. 195, s. 196; 2009, c. 26, s. 109; 2010, c. 31, s. 90.
220. (1)  No issue of bonds may be made, nor loan contracted, unless, by the resolution authorizing the same, there be imposed, upon the taxable property held for the payment of such bonds or such loan, an annual tax sufficient for the payment of the interest each year, and at least 1% of the amount of the loan, besides the interest, to create a sinking fund for the extinction of the debt.
(2)  The Minister of Municipal Affairs, Regions and Land Occupancy may, however, upon the recommendation of the Minister of Education, Recreation and Sports, authorize a school board to defer the payment of the tax levied for the sinking fund, for the first two years.
(3)  It shall be the duty of the secretary-treasurer to make, every year until the payment of the loan or the redemption of the bonds, a special collection roll, apportioning, upon the taxable immovable property liable for the payment of such loan or such bonds, the amount of the tax imposed on each one for the payment of the interest and the annual payment into the sinking fund.
(4)  The moneys intended for the sinking fund shall be used yearly, or, in the case of a loan the whole of which is payable at a fixed date, deposited yearly in the office of the Minister of Finance, at Québec, in conformity with the provisions of division XI of the Act respecting municipal debts and loans (chapter D-7).
(5)  Whenever, according to law, it is obligatory to deposit such moneys, and the deposit is not made as prescribed, the Deputy Minister of Revenue, as well as any trustee, bondholder, ratepayer or other interested party, may by an action at law compel the municipality to make such deposit, and, in case a judgment to that effect is obtained against the school board, the provisions of the law concerning the execution of judgments against municipalities, and contained in sections 400 to 422, shall apply.
(6)  With the approval of the Minister of Municipal Affairs, Regions and Land Occupancy, upon recommendation of the Minister of Education, Recreation and Sports, every school board may issue bonds or debentures for shorter terms than the term established for the loan by the resolution, and may create a sinking fund at a rate based upon the term of the loan, provided that each issue, after the first, be only for the balance due upon the loan.
Whenever a school board borrows the amounts necessary to defray the printing and selling costs of a subsequent bond issue contemplated in the preceding paragraph, it shall not be necessary to give the public notices prescribed in section 293.
(7)  This section does not apply to any issue of bonds made or to any loan contracted after 30 June 1980.
R. S. 1964, c. 235, s. 231; 1971, c. 67, s. 50; 1979, c. 72, s. 343; 1981, c. 27, s. 6; 1988, c. 84, s. 705; 1989, c. 36, s. 279; 1990, c. 35, s. 16; 1993, c. 51, s. 72; 1994, c. 16, s. 50; 1999, c. 40, s. 159; 1999, c. 43, s. 13; 2003, c. 19, s. 250; 2005, c. 28, s. 195, s. 196; 2009, c. 26, s. 109.
220. (1)  No issue of bonds may be made, nor loan contracted, unless, by the resolution authorizing the same, there be imposed, upon the taxable property held for the payment of such bonds or such loan, an annual tax sufficient for the payment of the interest each year, and at least 1% of the amount of the loan, besides the interest, to create a sinking fund for the extinction of the debt.
(2)  The Minister of Municipal Affairs and Regions may, however, upon the recommendation of the Minister of Education, Recreation and Sports, authorize a school board to defer the payment of the tax levied for the sinking fund, for the first two years.
(3)  It shall be the duty of the secretary-treasurer to make, every year until the payment of the loan or the redemption of the bonds, a special collection roll, apportioning, upon the taxable immovable property liable for the payment of such loan or such bonds, the amount of the tax imposed on each one for the payment of the interest and the annual payment into the sinking fund.
(4)  The moneys intended for the sinking fund shall be used yearly, or, in the case of a loan the whole of which is payable at a fixed date, deposited yearly in the office of the Minister of Finance, at Québec, in conformity with the provisions of division XI of the Act respecting municipal debts and loans (chapter D-7).
(5)  Whenever, according to law, it is obligatory to deposit such moneys, and the deposit is not made as prescribed, the Deputy Minister of Revenue, as well as any trustee, bondholder, ratepayer or other interested party, may by an action at law compel the municipality to make such deposit, and, in case a judgment to that effect is obtained against the school board, the provisions of the law concerning the execution of judgments against municipalities, and contained in sections 400 to 422, shall apply.
(6)  With the approval of the Minister of Municipal Affairs and Regions, upon recommendation of the Minister of Education, Recreation and Sports, every school board may issue bonds or debentures for shorter terms than the term established for the loan by the resolution, and may create a sinking fund at a rate based upon the term of the loan, provided that each issue, after the first, be only for the balance due upon the loan.
Whenever a school board borrows the amounts necessary to defray the printing and selling costs of a subsequent bond issue contemplated in the preceding paragraph, it shall not be necessary to give the public notices prescribed in section 293.
(7)  This section does not apply to any issue of bonds made or to any loan contracted after 30 June 1980.
R. S. 1964, c. 235, s. 231; 1971, c. 67, s. 50; 1979, c. 72, s. 343; 1981, c. 27, s. 6; 1988, c. 84, s. 705; 1989, c. 36, s. 279; 1990, c. 35, s. 16; 1993, c. 51, s. 72; 1994, c. 16, s. 50; 1999, c. 40, s. 159; 1999, c. 43, s. 13; 2003, c. 19, s. 250; 2005, c. 28, s. 195, s. 196.
220. (1)  No issue of bonds may be made, nor loan contracted, unless, by the resolution authorizing the same, there be imposed, upon the taxable property held for the payment of such bonds or such loan, an annual tax sufficient for the payment of the interest each year, and at least 1 % of the amount of the loan, besides the interest, to create a sinking-fund for the extinction of the debt.
(2)  The Minister of Municipal Affairs, Sports and Recreation may, however, upon the recommendation of the Minister of Education, authorize a school board to defer the payment of the tax levied for the sinking-fund, for the first two years.
(3)  It shall be the duty of the secretary-treasurer to make, every year until the payment of the loan or the redemption of the bonds, a special collection roll, apportioning, upon the taxable immovable property liable for the payment of such loan or such bonds, the amount of the tax imposed on each one for the payment of the interest and the annual payment into the sinking-fund.
(4)  The moneys intended for the sinking-fund shall be used yearly, or, in the case of a loan the whole of which is payable at a fixed date, deposited yearly in the office of the Minister of Finance, at Québec, in conformity with the provisions of division XI of the Act respecting municipal debts and loans (chapter D-7).
(5)  Whenever, according to law, it is obligatory to deposit such moneys, and the deposit is not made as prescribed, the Deputy Minister of Revenue, as well as any trustee, bondholder, ratepayer or other interested party, may by an action at law compel the municipality to make such deposit, and, in case a judgment to that effect is obtained against the school board, the provisions of the law concerning the execution of judgments against municipalities, and contained in sections 400 to 422, shall apply.
(6)  With the approval of the Minister of Municipal Affairs, Sports and Recreation, upon recommendation of the Minister of Education, every school board may issue bonds or debentures for shorter terms than the term established for the loan by the resolution, and may create a sinking-fund at a rate based upon the term of the loan, provided that each issue, after the first, be only for the balance due upon the loan.
Whenever a school board borrows the amounts necessary to defray the printing and selling costs of a subsequent bond issue contemplated in the preceding paragraph, it shall not be necessary to give the public notices prescribed in section 293.
(7)  This section does not apply to any issue of bonds made or to any loan contracted after 30 June 1980.
R. S. 1964, c. 235, s. 231; 1971, c. 67, s. 50; 1979, c. 72, s. 343; 1981, c. 27, s. 6; 1988, c. 84, s. 705; 1989, c. 36, s. 279; 1990, c. 35, s. 16; 1993, c. 51, s. 72; 1994, c. 16, s. 50; 1999, c. 40, s. 159; 1999, c. 43, s. 13; 2003, c. 19, s. 250.
220. (1)  No issue of bonds may be made, nor loan contracted, unless, by the resolution authorizing the same, there be imposed, upon the taxable property held for the payment of such bonds or such loan, an annual tax sufficient for the payment of the interest each year, and at least 1 % of the amount of the loan, besides the interest, to create a sinking-fund for the extinction of the debt.
(2)  The Minister of Municipal Affairs and Greater Montréal may, however, upon the recommendation of the Minister of Education, authorize a school board to defer the payment of the tax levied for the sinking-fund, for the first two years.
(3)  It shall be the duty of the secretary-treasurer to make, every year until the payment of the loan or the redemption of the bonds, a special collection roll, apportioning, upon the taxable immovable property liable for the payment of such loan or such bonds, the amount of the tax imposed on each one for the payment of the interest and the annual payment into the sinking-fund.
(4)  The moneys intended for the sinking-fund shall be used yearly, or, in the case of a loan the whole of which is payable at a fixed date, deposited yearly in the office of the Minister of Finance, at Québec, in conformity with the provisions of division XI of the Act respecting municipal debts and loans (chapter D-7).
(5)  Whenever, according to law, it is obligatory to deposit such moneys, and the deposit is not made as prescribed, the Deputy Minister of Revenue, as well as any trustee, bondholder, ratepayer or other interested party, may by an action at law compel the municipality to make such deposit, and, in case a judgment to that effect is obtained against the school board, the provisions of the law concerning the execution of judgments against municipalities, and contained in sections 400 to 422, shall apply.
(6)  With the approval of the Minister of Municipal Affairs and Greater Montréal, upon recommendation of the Minister of Education, every school board may issue bonds or debentures for shorter terms than the term established for the loan by the resolution, and may create a sinking-fund at a rate based upon the term of the loan, provided that each issue, after the first, be only for the balance due upon the loan.
Whenever a school board borrows the amounts necessary to defray the printing and selling costs of a subsequent bond issue contemplated in the preceding paragraph, it shall not be necessary to give the public notices prescribed in section 293.
(7)  This section does not apply to any issue of bonds made or to any loan contracted after 30 June 1980.
R. S. 1964, c. 235, s. 231; 1971, c. 67, s. 50; 1979, c. 72, s. 343; 1981, c. 27, s. 6; 1988, c. 84, s. 705; 1989, c. 36, s. 279; 1990, c. 35, s. 16; 1993, c. 51, s. 72; 1994, c. 16, s. 50; 1999, c. 40, s. 159; 1999, c. 43, s. 13.
220. (1)  No issue of bonds may be made, nor loan contracted, unless, by the resolution authorizing the same, there be imposed, upon the taxable property held for the payment of such bonds or such loan, an annual tax sufficient for the payment of the interest each year, and at least 1 % of the amount of the loan, besides the interest, to create a sinking-fund for the extinction of the debt.
(2)  The Minister of Municipal Affairs may, however, upon the recommendation of the Minister of Education, authorize a school board to defer the payment of the tax levied for the sinking-fund, for the first two years.
(3)  It shall be the duty of the secretary-treasurer to make, every year until the payment of the loan or the redemption of the bonds, a special collection roll, apportioning, upon the taxable immovable property liable for the payment of such loan or such bonds, the amount of the tax imposed on each one for the payment of the interest and the annual payment into the sinking-fund.
(4)  The moneys intended for the sinking-fund shall be used yearly, or, in the case of a loan the whole of which is payable at a fixed date, deposited yearly in the office of the Minister of Finance, at Québec, in conformity with the provisions of division XI of the Act respecting municipal debts and loans (chapter D-7).
(5)  Whenever, according to law, it is obligatory to deposit such moneys, and the deposit is not made as prescribed, the Deputy Minister of Revenue, as well as any trustee, bondholder, ratepayer or other interested party, may by an action at law compel the municipality to make such deposit, and, in case a judgment to that effect is obtained against the school board, the provisions of the law concerning the execution of judgments against municipalities, and contained in sections 400 to 422, shall apply.
(6)  With the approval of the Minister of Municipal Affairs, upon recommendation of the Minister of Education, every school board may issue bonds or debentures for shorter terms than the term established for the loan by the resolution, and may create a sinking-fund at a rate based upon the term of the loan, provided that each issue, after the first, be only for the balance due upon the loan.
Whenever a school board borrows the amounts necessary to defray the printing and selling costs of a subsequent bond issue contemplated in the preceding paragraph, it shall not be necessary to give the public notices prescribed in section 293.
(7)  This section does not apply to any issue of bonds made or to any loan contracted after 30 June 1980.
R. S. 1964, c. 235, s. 231; 1971, c. 67, s. 50; 1979, c. 72, s. 343; 1981, c. 27, s. 6; 1988, c. 84, s. 705; 1989, c. 36, s. 279; 1990, c. 35, s. 16; 1993, c. 51, s. 72; 1994, c. 16, s. 50; 1999, c. 40, s. 159.
220. (1)  No issue of bonds may be made, nor loan contracted, unless, by the resolution authorizing the same, there be imposed, upon the taxable property held for the payment of such bonds or such loan, an annual tax sufficient for the payment of the interest each year, and at least 1 % of the amount of the loan, besides the interest, to create a sinking-fund for the extinction of the debt.
(2)  The Minister of Municipal Affairs may, however, upon the recommendation of the Minister of Education, authorize a school board to defer the payment of the tax levied for the sinking-fund, for the first two years.
(3)  It shall be the duty of the secretary-treasurer to make, every year until the payment of the loan or the redemption of the bonds, a special collection roll, apportioning, upon the taxable immovable property liable for the payment of such loan or such bonds, the amount of the tax imposed on each one for the payment of the interest and the annual payment into the sinking-fund.
(4)  The moneys intended for the sinking-fund shall be used yearly, or, in the case of a loan the whole of which is payable at a fixed date, deposited yearly in the office of the Minister of Finance, at Québec, in conformity with the provisions of division XI of the Act respecting municipal debts and loans (chapter D-7).
(5)  Whenever, according to law, it is obligatory to deposit such moneys, and the deposit is not made as prescribed, the Deputy Minister of Revenue, as well as any trustee, bondholder, ratepayer or other interested party, may by an action at law compel the municipality to make such deposit, and, in case a judgment to that effect is obtained against the corporation, the provisions of the law concerning the execution of judgments against municipalities, and contained in sections 400 to 422, shall apply.
(6)  With the approval of the Minister of Municipal Affairs, upon recommendation of the Minister of Education, every school board may issue bonds or debentures for shorter terms than the term established for the loan by the resolution, and may create a sinking-fund at a rate based upon the term of the loan, provided that each issue, after the first, be only for the balance due upon the loan.
Whenever a school board borrows the amounts necessary to defray the printing and selling costs of a subsequent bond issue contemplated in the preceding paragraph, it shall not be necessary to give the public notices prescribed in section 293.
(7)  This section does not apply to any issue of bonds made or to any loan contracted after 30 June 1980.
R. S. 1964, c. 235, s. 231; 1971, c. 67, s. 50; 1979, c. 72, s. 343; 1981, c. 27, s. 6; 1988, c. 84, s. 705; 1989, c. 36, s. 279; 1990, c. 35, s. 16; 1993, c. 51, s. 72; 1994, c. 16, s. 50.
220. (1)  No issue of bonds may be made, nor loan contracted, unless, by the resolution authorizing the same, there be imposed, upon the taxable property held for the payment of such bonds or such loan, an annual tax sufficient for the payment of the interest each year, and at least 1 % of the amount of the loan, besides the interest, to create a sinking-fund for the extinction of the debt.
(2)  The Minister of Municipal Affairs may, however, upon the recommendation of the Minister of Education and Science, authorize a school board to defer the payment of the tax levied for the sinking-fund, for the first two years.
(3)  It shall be the duty of the secretary-treasurer to make, every year until the payment of the loan or the redemption of the bonds, a special collection roll, apportioning, upon the taxable immoveable property liable for the payment of such loan or such bonds, the amount of the tax imposed on each one for the payment of the interest and the annual payment into the sinking-fund.
(4)  The moneys intended for the sinking-fund shall be used yearly, or, in the case of a loan the whole of which is payable at a fixed date, deposited yearly in the office of the Minister of Finance, at Québec, in conformity with the provisions of division XI of the Act respecting municipal debts and loans (chapter D-7).
(5)  Whenever, according to law, it is obligatory to deposit such moneys, and the deposit is not made as prescribed, the Deputy Minister of Revenue, as well as any trustee, bondholder, ratepayer or other interested party, may by an action at law compel the municipality to make such deposit, and, in case a judgment to that effect is obtained against the corporation, the provisions of the law concerning the execution of judgments against municipalities, and contained in sections 400 to 422, shall apply.
(6)  With the approval of the Minister of Municipal Affairs, upon recommendation of the Minister of Education and Science, every school board may issue bonds or debentures for shorter terms than the term established for the loan by the resolution, and may create a sinking-fund at a rate based upon the term of the loan, provided that each issue, after the first, be only for the balance due upon the loan.
Whenever a school board borrows the amounts necessary to defray the printing and selling costs of a subsequent bond issue contemplated in the preceding paragraph, it shall not be necessary to give the public notices prescribed in section 293.
(7)  This section does not apply to any issue of bonds made or to any loan contracted after 30 June 1980.
R. S. 1964, c. 235, s. 231; 1971, c. 67, s. 50; 1979, c. 72, s. 343; 1981, c. 27, s. 6; 1988, c. 84, s. 705; 1989, c. 36, s. 279; 1990, c. 35, s. 16; 1993, c. 51, s. 72.
220. (1)  No issue of bonds may be made, nor loan contracted, unless, by the resolution authorizing the same, there be imposed, upon the taxable property held for the payment of such bonds or such loan, an annual tax sufficient for the payment of the interest each year, and at least 1 % of the amount of the loan, besides the interest, to create a sinking-fund for the extinction of the debt.
(2)  The Minister of Municipal Affairs may, however, upon the recommendation of the Minister of Education, authorize a school board to defer the payment of the tax levied for the sinking-fund, for the first two years.
(3)  It shall be the duty of the secretary-treasurer to make, every year until the payment of the loan or the redemption of the bonds, a special collection roll, apportioning, upon the taxable immoveable property liable for the payment of such loan or such bonds, the amount of the tax imposed on each one for the payment of the interest and the annual payment into the sinking-fund.
(4)  The moneys intended for the sinking-fund shall be used yearly, or, in the case of a loan the whole of which is payable at a fixed date, deposited yearly in the office of the Minister of Finance, at Québec, in conformity with the provisions of division XI of the Act respecting municipal debts and loans (chapter D-7).
(5)  Whenever, according to law, it is obligatory to deposit such moneys, and the deposit is not made as prescribed, the Deputy Minister of Revenue, as well as any trustee, bondholder, ratepayer or other interested party, may by an action at law compel the municipality to make such deposit, and, in case a judgment to that effect is obtained against the corporation, the provisions of the law concerning the execution of judgments against municipalities, and contained in sections 400 to 422, shall apply.
(6)  With the approval of the Minister of Municipal Affairs, upon recommendation of the Minister of Education, every school board may issue bonds or debentures for shorter terms than the term established for the loan by the resolution, and may create a sinking-fund at a rate based upon the term of the loan, provided that each issue, after the first, be only for the balance due upon the loan.
Whenever a school board borrows the amounts necessary to defray the printing and selling costs of a subsequent bond issue contemplated in the preceding paragraph, it shall not be necessary to give the public notices prescribed in section 293.
(7)  This section does not apply to any issue of bonds made or to any loan contracted after 30 June 1980.
R. S. 1964, c. 235, s. 231; 1971, c. 67, s. 50; 1979, c. 72, s. 343; 1981, c. 27, s. 6; 1988, c. 84, s. 705; 1989, c. 36, s. 279; 1990, c. 35, s. 16.
220. (1)  No issue of bonds may be made, nor loan contracted, unless, by the resolution authorizing the same, there be imposed, upon the taxable property held for the payment of such bonds or such loan, an annual tax sufficient for the payment of the interest each year, and at least 1 % of the amount of the loan, besides the interest, to create a sinking-fund for the extinction of the debt.
(2)  The Minister of Municipal Affairs may, however, upon the recommendation of the Minister of Education, authorize a school board to defer the payment of the tax levied for the sinking-fund, for the first two years.
(3)  It shall be the duty of the secretary-treasurer to make, every year until the payment of the loan or the redemption of the bonds, a special collection roll, apportioning, upon the taxable immoveable property liable for the payment of such loan or such bonds, the amount of the tax imposed on each one for the payment of the interest and the annual payment into the sinking-fund.
(4)  The moneys intended for the sinking-fund shall be used yearly, or, in the case of a loan the whole of which is payable at a fixed date, deposited yearly in the office of the Minister of Finance, at Québec, in conformity with the provisions of division XI of the Act respecting municipal debts and loans (chapter D-7).
(5)  Whenever, according to law, it is obligatory to deposit such moneys, and the deposit is not made as prescribed, the Deputy Minister of Revenue, as well as any trustee, bondholder, ratepayer or other interested party, may by an action at law compel the municipality to make such deposit, and, in case a judgment to that effect is obtained against the corporation, the provisions of the law concerning the execution of judgments against municipalities, and contained in sections 400 to 422, shall apply.
(6)  With the approval of the Minister of Municipal Affairs, upon recommendation of the Minister of Education, every school corporation may issue bonds or debentures for shorter terms than the term established for the loan by the resolution, and may create a sinking-fund at a rate based upon the term of the loan, provided that each issue, after the first, be only for the balance due upon the loan.
Whenever a school corporation borrows the amounts necessary to defray the printing and selling costs of a subsequent bond issue contemplated in the preceding paragraph, it shall not be necessary to give the public notices prescribed in section 293.
(7)  This section does not apply to any issue of bonds made or to any loan contracted after 30 June 1980.
R. S. 1964, c. 235, s. 231; 1971, c. 67, s. 50; 1979, c. 72, s. 343; 1981, c. 27, s. 6; 1988, c. 84, s. 705.
220. (1)  No issue of bonds may be made, nor loan contracted, unless, by the resolution authorizing the same, there be imposed, upon the taxable property held for the payment of such bonds or such loan, an annual tax sufficient for the payment of the interest each year, and at least one per cent of the amount of the loan, besides the interest, to create a sinking-fund for the extinction of the debt.
(2)  The Minister of Municipal Affairs may, however, upon the recommendation of the Minister of Education, authorize a school board to defer the payment of the tax levied for the sinking-fund, for the first two years.
(3)  It shall be the duty of the secretary-treasurer to make, every year until the payment of the loan or the redemption of the bonds, a special collection roll, apportioning, upon the taxable immoveable property liable for the payment of such loan or such bonds, the amount of the tax imposed on each one for the payment of the interest and the annual payment into the sinking-fund.
(4)  The moneys intended for the sinking-fund shall be used yearly, or, in the case of a loan the whole of which is payable at a fixed date, deposited yearly in the office of the Minister of Finance, at Québec, in conformity with the provisions of division XI of the Act respecting municipal and school debts and loans (chapter D-7).
(5)  Whenever, according to law, it is obligatory to deposit such moneys, and the deposit is not made as prescribed, the Deputy Minister of Revenue, as well as any trustee, bondholder, ratepayer or other interested party, may by an action at law compel the municipality to make such deposit, and, in case a judgment to that effect is obtained against the corporation, the provisions of the law concerning the execution of judgments against municipalities, and contained in sections 400 to 422, shall apply.
(6)  With the approval of the Minister of Municipal Affairs, upon recommendation of the Minister of Education, every school corporation may issue bonds or debentures for shorter terms than the term established for the loan by the resolution, and may create a sinking-fund at a rate based upon the term of the loan, provided that each issue, after the first, be only for the balance due upon the loan.
Whenever a school corporation borrows the amounts necessary to defray the printing and selling costs of a subsequent bond issue contemplated in the preceding paragraph, it shall not be necessary to give the public notices prescribed in section 293.
(7)  This section does not apply to any issue of bonds made or to any loan contracted after 30 June 1980.
R. S. 1964, c. 235, s. 231; 1971, c. 67, s. 50; 1979, c. 72, s. 343; 1981, c. 27, s. 6.
220. (1)  No issue of bonds may be made, nor loan contracted, unless, by the resolution authorizing the same, there be imposed, upon the taxable property held for the payment of such bonds or such loan, an annual tax sufficient for the payment of the interest each year, and at least one per cent of the amount of the loan, besides the interest, to create a sinking-fund for the extinction of the debt.
(2)  The Minister of Municipal Affairs may, however, upon the recommendation of the Minister of Education, authorize a school board to defer the payment of the tax levied for the sinking-fund, for the first two years.
(3)  It shall be the duty of the secretary-treasurer to make, every year until the payment of the loan or the redemption of the bonds, a special collection roll, apportioning, upon the taxable immoveable property liable for the payment of such loan or such bonds, the amount of the tax imposed on each one for the payment of the interest and the annual payment into the sinking-fund.
(4)  The moneys intended for the sinking-fund shall be used yearly, or, in the case of a loan the whole of which is payable at a fixed date, deposited yearly in the office of the Minister of Finance, at Québec, in conformity with the provisions of division XI of the Act respecting municipal and school debts and loans (chapter D-7).
(5)  Whenever, according to law, it is obligatory to deposit such moneys, and the deposit is not made as prescribed, the Deputy Minister of Revenue, as well as any trustee, bondholder, ratepayer or other interested party, may by an action at law compel the municipality to make such deposit, and, in case a judgment to that effect is obtained against the corporation, the provisions of the law concerning the execution of judgments against municipalities, and contained in sections 400 to 422, shall apply.
(6)  With the approval of the Minister of Municipal Affairs, upon recommendation of the Minister of Education, every school corporation may issue bonds or debentures for shorter terms than the term established for the loan by the resolution, and may create a sinking-fund at a rate based upon the term of the loan, provided that each issue, after the first, be only for the balance due upon the loan.
Whenever a school corporation borrows the amounts necessary to defray the printing and selling costs of a subsequent bond issue contemplated in the preceding paragraph, it shall not be necessary to give the public notices prescribed in section 293.
(7)  Subsections 1 to 5 do not apply to any issue of bonds made or to any loan contracted on or after 1 July 1980.
R. S. 1964, c. 235, s. 231; 1971, c. 67, s. 50; 1979, c. 72, s. 343.
220. (1)  No issue of bonds may be made, nor loan contracted, unless, by the resolution authorizing the same, there be imposed, upon the taxable property held for the payment of such bonds or such loan, an annual tax sufficient for the payment of the interest each year, and at least one per cent of the amount of the loan, besides the interest, to create a sinking-fund for the extinction of the debt.
(2)  The Minister of Municipal Affairs may, however, upon the recommendation of the Minister of Education, authorize a school board to defer the payment of the tax levied for the sinking-fund, for the first two years.
(3)  It shall be the duty of the secretary-treasurer to make, every year until the payment of the loan or the redemption of the bonds, a special collection roll, apportioning, upon the taxable immoveable property liable for the payment of such loan or such bonds, the amount of the tax imposed on each one for the payment of the interest and the annual payment into the sinking-fund.
(4)  The moneys intended for the sinking-fund shall be used yearly, or, in the case of a loan the whole of which is payable at a fixed date, deposited yearly in the office of the Minister of Finance, at Québec, in conformity with the provisions of division XI of the Act respecting municipal and school debts and loans (chapter D-7).
(5)  Whenever, according to law, it is obligatory to deposit such moneys, and the deposit is not made as prescribed, the Deputy Minister of Revenue, as well as any trustee, bondholder, ratepayer or other interested party, may by an action at law compel the municipality to make such deposit, and, in case a judgment to that effect is obtained against the corporation, the provisions of the law concerning the execution of judgments against municipalities, and contained in sections 400 to 422, shall apply.
(6)  With the approval of the Minister of Municipal Affairs, upon recommendation of the Minister of Education, every school corporation may issue bonds or debentures for shorter terms than the term established for the loan by the resolution, and may create a sinking-fund at a rate based upon the term of the loan, provided that each issue, after the first, be only for the balance due upon the loan.
Whenever a school corporation borrows the amounts necessary to defray the printing and selling costs of a subsequent bond issue contemplated in the preceding paragraph, it shall not be necessary to give the public notices prescribed in section 293.
R. S. 1964, c. 235, s. 231; 1971, c. 67, s. 50.