Authority to borrow $2,000,000 Terms of loan Loan to be free of provincial taxes CHAPTER 34 An Act for raising Money on the Credit of the 1. It shall be lawful for the Lieutenant Governor in Council to authorise the provincial treasurer to raise by way of loan upon the credit of the province a sum not exceeding two million dollars for the purpose of defraying the cost of the public buildings and permanent public improvements authorised by the Legislature after the first day of September, 1905; and for that purpose to issue bonds or debentures of the province from time to time as the exigencies of the public service may require; and to dispose thereof upon the conditions which he may deem most favourable. 1907, c. 2, s. 1. 2. The said sum of money or any portion thereof may be borrowed for any term or terms not exceeding forty years at a rate not exceeding four per centum per annum and shall be raised upon the credit of the general revenue fund of Saskatchewan and shall be chargeable thereon. 1907, c. 2, s. 2. 3. All bonds or debentures issued under the authority of this Act shall be free from all provincial taxes, succession duty, charges and impositions whatsoever. 1907, c. 2, s. 3. CHAPTER 35 An Act for raising Money on the Credit of the General Revenue Fund of Saskatchewan. raise loan of 1. It shall be lawful for the Lieutenant Governor in Council Power to to authorise the provincial treasurer to raise by way of loan $5,000,000 upon the credit of the province such sum or sums of money not to exceed in the whole five million dollars for all or any of the following purposes as may be approved by the Legislature namely to provide for the cost of: (a) Public buildings and permanent improvements; (c) Constructing and extending telephone systems (d) The purchase of drainage district debentures issued rate of loan 2. The aforesaid sum of money may be borrowed for any Term and term or terms not exceeding forty years at a rate not exceeding four per centum per annum and shall be raised upon the credit of the general revenue fund of Saskatchewan and shall be chargeable thereupon. 1909, c. 3, s. 2. 3. All bonds and inscribed stock issued under the authority Bonds and stock for loan of this Act shall be free from all provincial taxes, succession to be free of duty, charges and impositions whatsoever. 1909, c. 3, s. 3. provincial taxes be raised as The Saskat 4. The sums of money hereby authorised to be raised by Moneys to way of loan shall be raised as provided by The Saskatchewan provided by Loans Act passed during the present session of the Legislature; chewan and the sums raised under the authority of this Act shall form Loans Act part of the general revenue fund of Saskatchewan. 1909, c. 3, s. 4. CHAPTER 36 An Act respecting Loans for Public Improvements. Short title Securities may be issued liability SHORT TITLE. 1. This Act may be cited as "The Public Improvements Loan Act." 1908-9, c. 2, s. 1. 2. For the purpose of raising the funds required to meet the whole or any portion of the cost of such public improvements as are hereinafter described the Lieutenant Governor in Council shall have power to authorise the provincial treasurer to issue debentures, bonds, debenture stock or other securities of the province (hereinafter called "securities") bearing interest at a rate not exceeding five per centum per annum and payable at any time not exceeding ten years from the date thereof; such securities may be made payable at any place in Canada or in the United Kingdom of Great Britain and Ireland or in the United States of America and either in sterling money or Canadian currency and may have coupons attached thereto for the payment of the interest half yearly or yearly and shall be sealed with the seal of the province and shall be signed by the provincial treasurer whose signature may be lithographed. 1908-9, c. 2, s. 2. Maximum of 3. The total amount of the liability which may be created in the manner aforesaid shall not at any one time exceed in the aggregate the sum of $500,000. 1908-9, c. 2, s. 3. Charge on general revenue Provision for repayment Sinking funds 4. In the case of all securities issued as herein provided the repayment of the principal sum or sums borrowed together with the payment of interest shall be a charge on the general revenue of the province. 1908-9, c. 2, s. 4. 5. In every instance in which any such security is issued provision shall be made for the repayment of the principal sum borrowed at the end of the period of years during which the security is to run and for this purpose there shall be set aside annually out of the general revenue of the province by way of sinking fund a sum sufficient with interest to retire the security at maturity. 1908-9, c. 2, s. 5. 6. Every such sinking fund shall be kept in one general account to be known as "The Sinking Fund Trust Account" and the Lieutenant Governor in Council may from time to time should such course be deemed advisable direct the treasurer to invest any portion of the said fund in public securities of the Province of Saskatchewan or in the debentures of school districts or municipalities in the province and may afterwards direct him to dispose thereof in such manner, on such terms and to such amounts as may be deemed most to the public advantage. 1908-9, c. 2, s. 6. improve issue 7. The public improvements for which securities may be Public issued as aforesaid shall be such as have been or may be ments to be authorised or carried on under the provisions of The Public paid for by Works Act subsequently to the first day of January, 1908, and securities shall include only those of a permanent character such as steel bridges, permanent main roads, securing of public highways, ferry equipment, drainage systems and dams or reservoirs for the storage of water. 1908-9, c. 2, s. 7. 8. The provincial treasurer shall make and submit to Annual the Lieutenant Governor in Council an annual report to be report laid before the Legislative Assembly with the public accounts which report shall include: (a) A statement of the facts in connection with every (b) A statement showing the standing of the sinking (c) A detailed summary of the public works constructel Short title Interpretation Crown lands leased for grazing purposes Lands exempted tion of Act CHAPTER 37 An Act to Supplement the Revenues of the Crown. SHORT TITLE. 1. This Act may be cited as "The Supplementary Revenue Act." 1907, c. 3, s. 1. 2. In this Act unless the context otherwise requires the expression: 1. "Land," "owner," "occupant," "local improvement district," "district," "rural municipality" and "assessment roll" shall have the same meaning as is expressly or impliedly attached to them in The Local Improvements Act or in any Act governing any rural municipality, as the case may be; 2. "School district," "rural district," "teaching day" and "school" shall have the same meaning as is expressly or impliedly attached to them in The School Grants Act; 3. "High school," "collegiate institute," "teacher," "per diem" shall have the same meaning as is expressly or impliedly attached to them in The Secondary Education Act; 4. "Rate" means the supplementary revenue rate; 5. "Fund" means the supplementary revenue fund. 1907, c. 3, s. 2; 1908, c. 9, s. 1. 3. For the purpose of supplementing the revenues of the Crown there shall be levied in each and every year a rate of one cent per acre upon every owner or occupant of land in the province for land owned or occupied by him which rate shall be known as "The Supplementary Revenue Rate": Provided that no such owner or occupant of land shall be assessed for a less sum than twenty-five cents. (2) In the case of all crown lands held under lease for grazing purposes from the government of Canada the amount of the rate to be levied annually on such lands shall be one-half cent per acre. 1907, c. 3, s. 3; 1908, c. 9, s. 2; 1909, c. 6, s. 1. 4. The provisions of the next preceding section shall not from opera- apply to lands comprised within the limits of town and village school districts as defined by The School Act but all such lands shall be exempt from any assessment and taxation. hereunder. 1907, c. 3, s. 4. |