I-14 - The Education Act for Cree, Inuit and Naskapi Native Persons

Section 507 Disposition versions

1999-04-01

507. The funds required for the amortization of the principal and the payment of interest on the bonds or other evidences of indebtedness or securities issued by the Council shall be derived from the general revenue of the Council, of school boards and, where an agreement is made under section 504.2, those of a confessional school board the bonds or other evidences of indebtedness or securities constitute a direct, general and unconditional undertaking of the Council, of the school boards and, where an agreement is made under section 504.2, those of a confessional school board ranking concurrently and paripassu with all other undertakings of the Council, of the school boards and, as the case may be, of a confessional school board in respect of loans of money not secured by hypothec or other encumbrance.

1976, c. 39, s. 2; 1981, c. 27, s. 14; 1986, c. 10, s. 37.

1982-03-08

507. The funds required for the amortization of the principal and the payment of interest on the bonds or other evidences of indebtedness or securities issued by the Council shall be derived from the general revenue of the Council and the school boards; the bonds or other evidences of indebtedness or securities constitute a direct, general and unconditional undertaking of the Council and of the school boards ranking concurrently and paripassu with all other undertakings of the Council and of the school boards in respect of loans of money not secured by hypothec or other encumbrance.

1976, c. 39, s. 2; 1981, c. 27, s. 14.

1977-12-31

507. For the purposes set out in section 506, the Council may also with the approval of the Minister of Education and the Minister of Municipal Affairs, make long-term borrowings.

For that purpose, the Council may issue bonds or other evidences of indebtedness or securities, but only by virtue and authority of resolutions setting forth:

(1)  The purposes for which the bonds or other evidences of indebtedness or securities are issued;

(2)  The total amount of the issue;

(3)  The dates of maturity of the bonds or other evidences of indebtedness or securities;

(4)  The maximum rates of interest that may be paid;

(5)  All other details attaching to the issue.

With the authorization of the Minister of Education alone, the Council may sell the bonds or other evidences of indebtedness or securities it is hereby authorized to issue.

The funds required for the amortization of the principal and the payment of interest on the bonds or other evidences of indebtedness or securities issued by the Council shall be derived from the general revenue of the Council and the school boards; the bonds or other evidences of indebtedness or securities constitute a direct, general and unconditional undertaking of the Council and of the school boards ranking concurrently and paripassu with all other undertakings of the Council and of the school boards in respect of loans of money not secured by hypothec or other encumbrance.

1976, c. 39, s. 2.