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The School Capital Financing Authority Repeal Act

R.S.M. 1990, c. 257

The School Capital Financing Authority Repeal Act

WHEREAS the Minister of Justice has caused this Act to be prepared in English and French for re-enactment in accordance with a judgment dated June 13, 1985 and an order dated November 4, 1985 of the Supreme Court of Canada;

THEREFORE HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:

Repeal

1           The School Capital Financing Authority Act, being chapter S30 of the Revised Statutes is repealed.

Transfer of assets

2           All property, assets, investments and money, including accumulated surplus, as at April 1, 1983, of The Manitoba School Capital Financing Authority (hereinafter referred to as "the authority") are transferred to and vested in the government.

Assumption of obligations and liabilities

3           The government shall assume all obligations and liabilities of the authority as at April 1, 1983, including all obligations to pay the principal and interest on securities issued by the authority.

Debt declared general purpose debt

4           The debt of the government in respect of the obligations assumed under section 3 is, subject to section 6, declared to be general purpose debt for the purposes of The Financial Administration Act.

Retention of investments, etc.

5           The government shall retain the property, assets, investments and money transferred to and vested in it under section 2, to the extent of the principal and interest owing, as at April 1, 1983, on the securities issued by the authority for the purpose of paying the principal and interest on the securities referred to in section 3 as they fall due.

Credit to sinking fund as at April 1, 1983

6(1)        Notwithstanding clause 76(1)(a) of The Financial Administration Act, in addition to any other amounts required to be credited to the sinking fund of the government maintained under The Financial Administration Act, there shall be allocated for the repayment of general purpose debt and credited to the sinking fund, as at April 1, 1983, an amount equal to the amount by which

(a) the amount of principal owing, as at April 1, 1983, on securities issued by the authority and referred to in section 3;

exceeds

(b) the principal outstanding as at April 1, 1983, on the investments transferred to and vested in the government under section 2.

Annual credits to sinking fund

6(2)        In lieu of the amount to be annually allocated for the repayment of general purpose debt and credited to the sinking fund of the government under clause 76(1)(a) of The Financial Administration Act in respect of the securities issued by the authority and mentioned in section 3 there shall be allocated for repayment of general purpose debt and credited to the sinking fund the principal repayments received from, or the proceeds of the sale of, the investments of the authority transferred to and vested in the government under section 2.

NOTE:  This Act replaces S.M. 1982-83-84, c. 61.