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I-14 - The Education Act for Cree, Inuit and Naskapi Native Persons
Section 224
Disposition versions
224. The principal and interest of the bonds or debentures issued by a school board or regional school board shall be chargeable to the general fund of such board.
If the bonds or debentures are issued by a regional school board, the school boards which are members thereof are liable for payment of such bonds or debenture, in principal and interest, in proportion to the standardized assessment of each of them at the time of maturity.
The second paragraph of this section does not apply to an issue of bonds or debentures made on or after 1 July 1980.
224. The principal and interest of the bonds or debentures issued by a school board or regional school board shall be chargeable to the general fund of such board, and if the bonds or debentures are issued by a regional school board, the school boards which are members thereof are liable for payment of such bonds or debentures, in principal and interest, in proportion to the valuation of the real estate taxable by each of them at the time of maturity.
