Thank you. The honourable Member for Hay River.
Debates of Dec. 17th, 1991
Topics
Bill 2: Borrowing Authorization Act
Item 17: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 175
The Chair Richard Nerysoo
Bill 2: Borrowing Authorization Act
Item 17: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 175
John Pollard Hay River
Thank you, Mr. Chairman. Mr. Chairman, there are two acts at the present time. One is the Temporary Borrowing Authorization Act which is $25 million. It allows us to borrow for purposes of the general fund. The one concerning the loans to municipalities in the amount of $10 million, only six million dollars or a little over six million dollars that was requested from tax based municipalities, Mr. Chairman. That was somewhat difficult to place, and I know it is going to sound silly saying it is a small amount of money, but when you are borrowing in those areas, it was a small amount of money and did not live up to the full amount which we thought was going to be $10 million. So it was not used. Instead, that $6.3 million was taken from the surplus at that time, Mr. Chairman, and loaned to municipalities. Thank you, Mr. Chairman.
Bill 2: Borrowing Authorization Act
Item 17: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 175
The Chair Richard Nerysoo
Thank you. Any questions? Mrs. Marie-Jewell.
Bill 2: Borrowing Authorization Act
Item 17: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 175
Jeannie Marie-Jewell Thebacha
Thank you, Mr. Chairman. My question is still not answered. Why is the Minister of Finance requesting the amount of $65 million now?
Bill 2: Borrowing Authorization Act
Item 17: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 176
The Chair Richard Nerysoo
Mr. Minister.
Bill 2: Borrowing Authorization Act
Item 17: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 176
John Pollard Hay River
To be sure that in the event of some hard times, that we have enough money or the ability to go out and get enough money to cover the day-to-day business of the Government of the Northwest Territories, Mr. Chairman. I would point out that even though the government has, at the present time, some $35 million of borrowing power, to my knowledge, we are not borrowing under that power because we do not need to. So even though we are saying there is a limit of $65 million under this bill, we certainly do not intend to go out and borrow that money unless we have to. But we would like to know if that money is available to us in the event that it is required. Thank you, Mr. Chairman.
Bill 2: Borrowing Authorization Act
Item 17: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 176
The Chair Richard Nerysoo
Ms. Cournoyea.
Bill 2: Borrowing Authorization Act
Item 17: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 176
Nellie Cournoyea Nunakput
Mr. Chairman, I would move that we extend the hours so that we can complete the matter at hand.
Bill 2: Borrowing Authorization Act
Item 17: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 176
The Chair Richard Nerysoo
Your motion is in order. It is non-debatable. To the motion. All those in favour? All those opposed? Carried.
---Carried
Mrs. Marie-Jewell.
Bill 2: Borrowing Authorization Act
Item 17: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 176
Jeannie Marie-Jewell Thebacha
Thank you, Mr. Chairman. I am somewhat concerned with respect to the amount the Minister of Finance is asking to borrow. What I am trying to find out is what the total anticipated amount he feels he may need up to the end of the fiscal year?
Bill 2: Borrowing Authorization Act
Item 17: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 176
The Chair Richard Nerysoo
Thank you. Mr. Minister.
Bill 2: Borrowing Authorization Act
Item 17: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 176
John Pollard Hay River
Between $50 to $55 million, Mr. Chairman, and I would like some contingency as well, please.
Bill 2: Borrowing Authorization Act
Item 17: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 176
The Chair Richard Nerysoo
Bill 2. Clause by clause.
Bill 2: Borrowing Authorization Act
Item 17: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 176
Some Hon. Members
Agreed.
---Agreed
Bill 2: Borrowing Authorization Act
Item 17: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 176
The Chair Richard Nerysoo
Clause 1, borrowing. Agreed?
Bill 2: Borrowing Authorization Act
Item 17: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 176
Some Hon. Members
Agreed.
---Agreed
Bill 2: Borrowing Authorization Act
Item 17: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 176
The Chair Richard Nerysoo
Clause 2, limit. Agreed?
Bill 2: Borrowing Authorization Act
Item 17: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 176
Some Hon. Members
Agreed.
---Agreed
Bill 2: Borrowing Authorization Act
Item 17: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 176
The Chair Richard Nerysoo
Clause 3, powers to fulfill obligations and rights. Agreed?
Bill 2: Borrowing Authorization Act
Item 17: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 176
Some Hon. Members
Agreed.
---Agreed
Bill 2: Borrowing Authorization Act
Item 17: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 176
The Chair Richard Nerysoo
Clause 4, delegation. Agreed?
Bill 2: Borrowing Authorization Act
Item 17: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 176
Some Hon. Members
Agreed.
---Agreed
Bill 2: Borrowing Authorization Act
Item 17: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 176
The Chair Richard Nerysoo
Clause 5, repeal. Agreed?
Bill 2: Borrowing Authorization Act
Item 17: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 176
Some Hon. Members
Agreed.
---Agreed
Bill 2: Borrowing Authorization Act
Item 17: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 176
The Chair Richard Nerysoo
The bill as a whole. Agreed?