BILL No. 13 of,1924.

An Act to Provide for the Raising of Money for the Improvement of Main Highways. (Assented to , 1924.) HIS MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows: 1. This Act may be cited as "The Main Highways Loan Act, 1924." 2.

The Lieutenant Governor in Council is hereby auth­ orized to raise by way of loan at any time and from time to time such sums of money as may be necessary to defray the expenditure for the construction or improvement of main highways, and the purchase of material or equip­ ment rendered necessary by reason of such construction .or improvement: Provided that the total sums raised by way of loan under the authority of this Act shall not exceed three mil­ lion five hundred thousand dollars. 3.

All moneys raised under the authority of this Act. shall be paid into a separate account standing in the name of the Provincial Treasurer, to be called the "Main High­ ways Fund Account." 4. Every loan borrowed under this Act shall be dis­ charged within the period of fifteen years from the date thereof, and such discharge shall be secured by the formation of a sinking fund, as hereinafter prescribed. 5.

Whenever any'money is raised by way of loan under the provisions of this Act, a sinking fund shall be estab­ lished and there shall be paid into such fund such equal yearly or half-yearly sums from the general revenue fund as the Provincial .Treasurer may deem to be sufficient, to­ gether with interest, to discharge the loan at the date of its maturity. 6.-

(1) One-half of the fees or other revenue collected under the provisioV~. 'of The Motor Vehicle Act, or The Vehicles Act, 1924/fshall be paid over to the Provincial Treasurer for th~urpose of paying the saId equal yearly or half-yearly su s and all sums necessary to pay interest on any loans rai ed under the provisions of this Act. or such smaller fraction thereof as shall be sufficient, 2

(2) In case of the said one-half of the fees or revenue proving insufficient the deficiency shall be made up out of the general revenue fund. 7. All sums paid into the said sinking fuud shall be invested by the Provincial Treasurer in securities in which trustees are by law for the time being authorized to invest. 8.

The Minister of PublicWot'ks is hereby authorized on behalf of the Province to enter into any such agree­ ment for the constructioli or improvement of main high­ ways with the Minister of Railways and Canals as the latter may be authorized to enter into under the provi­ sions of any Act of the Parliament of the Dominion of Canada. 9. This Act shall come into force on No. 13. FOURTH SESSION FIFTH LEGISLATURE GEORGE V BILL

An Act to Provide for the Raising of Money for the Improvement of Main Highways. Received and read the First time. . . . . . . . . .. . ..... . Second time ................ . Third time ................. . HON. MR. Ross. EDMONTON: .T. W. JEFFERY. KING'S PRINTER A.D. 1924 Title: 1924 (5th, 4th) Bill 13,

An Act to Provide for the Raising of Money for the Improvement of Main Highways