The Government may guarantee in such manner as it thinks fit, the payment of the principal and interest of any loan proposed to be raised by the Board or any loan proposed to be given by the Board to any local authority in regard to the investigation, preparation or execution of schemes made under this Act :
Provided that Government shall, so long as any such guarantees are in force, lay before both Houses of the Legislature in every year during the budget session, a statement of the guarantees if any given during the current year and an up-to-date account of the total sums, if any, which have been paid out of the Consolidated Fund of the State by reason of any such guarantees or paid into the said Fund towards repayment of any moneys so paid out.