Page 290 - Annuaire Statistique Québec - 1918

248 FINANCÉS

MUNICIPAL LOANS AUTHORIZED BY 'l'HE GOVERNMENT.

Public corporations cannot borrow money IVithout conforrning
to certain requirernents provided by law. Rhould a municipality act
othenvise, the officiaIs thereof who prepared or acrepted the transaction,
are held personally und severully responsiblp. for the debt. Tris law,
hO\\'ever, does not apply to ten1porary laans or issues already approved
by the Lieutenant-Governol'-in-Counci1. EV8ry issue calls for the
levying of an annual t,ax upon the property subject thereto in order to
pay interest on the loans and create a sinking fund.

36-Amount of Munîcipal Loans authorized.

~rownshjpB
YEARS CiLies Towns 1 Villages Purishe. und Total
counLieB
S S $ $ S $
19213-27. .. 27,255,100 00 Z,0\17,04.0.00 131'>,. ,127.52 207,510.00 250,422.50 :lU,494,500.02
19'::!,1~2U... 2:l.HDli,9jô.57' 2.0r~,~7:j 00 5:l2,D!JO.OO 529,000.00 161.200.00 2ü,26R,440.57
In21-25..... ZS,!l90,.'(){).on 1,'ISU,IOO.OU 430,.';53.54 IRA,GOO.OO 196,500.00 31,2.~~,2(j3."4
W23-24.. . !é,77LO .00 1,700,427.2<" 1303,100.00 IS8,OOO.OO 222,250.00 18,5Ii,~,777.28
1922-23 213,772,300.00 2'(~Y"91l'OOI517'991'>'00 S00,102.00 1 122,1'>00.00 29,927,909.00
1921-22 " .. 13,;,2U,I63.00 2,267,1300.00 421,900.00 17J,300.00 15,000.00 16,397,963.00
lD20-21. 6,353,650.00 3,[09'Z,1,7.00 ~;j9,;jOO.00 Ill,OOU.OO 93,000.00 lU,20G,3137.00
Hl 19-20 10,400.000.00 2,',OIl,aOt! 00 4"11,600.00 L';l',ROO.OO 24,500.00 13,621,200.00
19J5-19 3.U30'llIZ.OOjl'3n, 74.00 542,000.00 :1.\"00.(l~ 113,000.OU 5,996,186.00
1917-18 0,S79,)~ .00 1,7!JS,~UO.OO 102,800.00 (jU,10.1.0,:; 1 51,OUO.00 7,591/,33.00
19113-17 ' . .. Z,H5,SOO.00 2,0S2,OOO.OO! 139,000.00 92,S70.0U . '1,729,250.00
1 1 ,
Table 36 shows the amount of the loans authorized in accordance
with law, but does not represent the amounts really borrowed in the
course of the year menti.oned, The authoriza.ti.on is granted for a longer
period. NeitheT does it indicate the loans approved by the Legislative
Assembly. To obta.in detailed statistics in this connection, it is neces-
sary to refer to the D.ill1ncial statement of municipalities in the imme-
diately preceding section,

The mte of interest on loans is ,genera\Iy 5~-2 or 6%, in no case must
it exceed 6%. Unless specially authorized by the Lieutenant-Go.vernor-
in-Council (1) the maturit.f of a loan by a municipality must be limited,
in specified C:1f'CS, to the following periods: 1° for the construction of
sewerage or aqueduct, purchase of land for public parks, 40 years; 2" for
the installation of Iighting system) construction of bridges and muni-
cipal buildings, 30 years; 3~ fol' the purchase of land fol' public highways,
20 years; 4° for the improvement of public highways, 10 years; for ail
other purposes not provided hereinabove, 10 years,

(1) R. S. P. Q., 1925, sec. l, .', l. 2.