Bill No. 17 of A BILL TO AMEND THE SCHOOL BUILDINGS ASSISTANCE ACT NOTE This Bill amends The School Building.s Assistance Act, being

chapter of the Statutes of Alberta, 1952. A new

section 12a is added. This

section provides for the recovery by the Provincial Treasurer of sums expended by him by reason of the Province's guarantee of interest pay­ ments on the borrowings of a school division. The recovery may be made from certain specified school grants in the event the school division defaults in the interest payments. This Bill comes into force upon assent. J. W. RYAN, Acting Legislative Counsel. (This note does not form any part of the Bill but is offered in explanation of its provisions.) BILL No. 17 of

An Act to amend The School Buildings Assistance Act (Assented to , 1954) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows: 1. The School Buildings Assistance Act, being

chapter of the Statutes of Alberta, 1952, is hereby amended. 2. The following new

section is added immediately after r;e:

section

section 12: "12a.

(1) Where, before or after the maturity date of ~:;lUf;te~~st the debentures of a school division the school division fails on deben­ to pay any interest guaranteed by the Province on the de- ,tures bentures of the school division pursuant to

section 12, the Department of Education if so requested by the Provincial Treasurer shall retain from the grants payable to the school division under The School Grants Act, 1945, The Border Areas Act or The Lloydminster Municipal Amalgamation Act an amount equal to the interest guaranteed by the Province that the Hchool division has failed to pay on its debentures. "

(2) The Department of Education shall pay the moneys Retention of SO retained to the Provincial Treasurer on account of the ~~~~: to liability of the Province under any such guarantee of the interest payment of interest on the debentures of the school division and thereupon all moneys so retained and paid over shall be deemed to have been paid to and received by the school division on account of the legislative grant to the school division for that year. "

(3) The procedure set out in this

section is in addition to all other rights and remedies that the Provincial Treasurer has for recovery from the school division of the amount for which the Province became liable by its guarantee of the interest on the debentures of the school division.". 3. This Act comes into force on the day upon which it is Coming into assented to. force No. 17 SECOND SESSION TWELFTH LEGISLATURE ELIZABETH II BILL

An Act to amend The School Buildings Assistance Act Received and read the First time. Second time . Third time. HON. MR. AALBORG Title: 1954 (12th, 2nd) Bill 17,

An Act to amend The School Buildings Assistance Act