Be it enacted by the Governor and Assembly as follows:
1 This Act may be cited as the District of Argyle Financial Assistance Act.
2 In this Act,
(a) "annual grant" means a grant authorized by subsection 3(1);
(b) "arena" means the arena that is located on lands that are in the Town of Yarmouth known, at the time this Act comes into force, as the former Exhibition Park Property;
(c) "Argyle" means the Municipality of the District of Argyle.
3 (1) Notwithstanding any other enactment, Argyle may make an annual grant jointly to the Municipality of the County of Yarmouth and the Town of Yarmouth to assist them to repair, upgrade and operate the arena that is located on lands that are in the Town of Yarmouth known, at the time this Act comes into force, as the former Exhibition Park Property.
(2) An annual grant may be made during each of the ten consecutive fiscal years of Argyle, beginning with the fiscal year in which the Municipality of the County of Yarmouth and the Town of Yarmouth become the owners of the arena.
(3) The maximum amount of each annual grant authorized by subsection (2) is twenty-five thousand dollars.
(4) Notwithstanding subsections (2) and (3), where Argyle determines that the Municipality of the County of Yarmouth and the Town of Yarmouth intend to proceed, before the end of the ten years referred to in subsection (2), to build and operate a second ice surface,
(a) after a determination is made by Argyle pursuant to this subsection, the maximum amount of each annual grant increases to thirty-five thousand one hundred and sixty-nine dollars; and
(b) where the amount of each annual grant is increased pursuant to clause (a), the time during which those annual grants may be made is extended until the total of all annual grants made pursuant to this Act is a maximum of three hundred and fifty-one thousand six hundred and ninety dollars.
4 All sums required for payments pursuant to this Act shall be held to be sums required for the ordinary lawful purposes of Argyle and shall be raised, levied and collected in the same manner and in all respects as other sums required for the ordinary lawful purposes of Argyle are raised, levied and collected.