Page 300 - Annuaire Statistique Québec - 1918

258 FINANCES

SCHOOL LOANS (1).

School municipalities cannot contract loans without the sanction
of the Lieutenant-Governor-in-Council, on a report of the Ministel' of
Municipal Affairs and the recommendation of the Superintendent of
Public Instruction. The loan resolution prepared bY,the school trustees
or commissioners must mention the object, the amount, the term, the
rate of interest and the mode of reimbursement of such loan. School
commissioners, however, cannot obtain the authority to make a loan
without having called, by public notice, a special meeting of the tax
payers for the pm·pose. In cities and towns the required notice must
be published in the newspapers. An annual tax is levied on the assessable
property sufficient to meet the yearly interest and to form a sinking
fund of at least one pel' cent of the amount of the loan. The Lieutenant-
Governor-in-Council may, on the recommendation of the Superintendent,
authorize a school commission to defer, for the two first years, the
payment of the tax to cover the sinking fund.
The secretary-treasurer is bound to make each year a special
collection roll and to levy on the assessable property a tax sufficient
to redeem the debentures or loan within the specified period. The
amounts intended for the sinking fund are deposited yearly with the
Treasurer of the Province in accordance with the act concerning muni-
cipal debts and loans. When this deposit is compulsory and has not
been made as prescribed, any interested person, (trustees, bearers of
debentures or taxpayers) may, tbrough judicial proceedings, compel
the corporation to make such deposit.
Each debenture must bear the certificate of the Minister of Muni-
cipal Affairs that the resolution authorizing sueh issue has been approved
by the Executive Counci!.
The following table indicates the amount of the loans authorized
by the Lieutenant-Governor-in-Council, but does not take into account
short term loans or loans autborized by the Legislative Assembly. To
ascertain the actual amount of annual loans, it is necessary to refer to
the Financial Statement of School Corporations. The fiscal year ends on the
30th June.

45-Amount of School Loons authorized by the Government from 1917 to 1927.
YEARS Amount.
S
l{127·27 . 2,036,493.20
HI2.:;·20.. . .. .. .. ...., .. .. . .. .. .. 3,215,800.00
IU24-~!).. . . . . . . .. • . ...•... o •••• 2,OH,3i4..00
,}::~~~~1:::::::::::::::::::.::.:::::::::::: ::. ':::':::::::::::::. ::::.::::::: 2,sa:;,;120.00
l,(\sa.076. 00
1U21-22 , . . , , . . . . . .. , . 2,875,575.00
1020-21.. . . . . . . . . . .. , . . . . . . . .. ".' ' , . 2,;,49,250.00
1i119-2D ,.,. , ••..•.. ,.,' •.... ,.' •. ,... . ..• , , ...•.•..•.•. , •...•.. 1.3H,715.00
]911>-19................ . . , .. l,Or..')l,150.00
H1I7·H! .. , . 6.171,078.00
lU16-17 . ],641,187.00
(1) ReviaedSlatutea o[ Qucboc, 1923, Vol. lI, ch, 133. art•. 242 to 2-19.