C-27.1 - Municipal Code of Québec

Section 1072 Disposition versions

2017-06-16

2004-11-01

1999-12-20

1996-05-08

1994-06-17

1992-06-23

1985-01-01

0001-01-01

1072. No bonds may be issued and no loan may be contracted unless the by-law authorizing the same imposes upon all taxable immovable property liable for the payment of such loan or bonds, an annual tax sufficient for the payment of the yearly interest thereon, and the sinking-fund or annual payment, until the extinction of such debt; the apportionment of the moneys or the tax to be imposed and levied for the payment each year of the interest and the sinking-fund, shall be based on the valuation roll in force at the time of such apportionment or the imposition of such tax, without prejudice to the rights of bond-holders.

The sinking-fund must be collected each year, and invested according to the by-laws; and the members of the council are personally and jointly and severally responsible for the collection and investment of such fund.

M.C. 1916, a. 766; 1930, c. 103, s. 19.