Mr. Speaker, I'm waiting for the light, although the clock started ticking.
---Laughter
Am I on? Mr. Speaker, although I know this is not Friday, but it is getting very close to Christmas, I have seen the light...
---Laughter
...and I rise today to inform the House of a veritable miracle in the House. This relates to the ongoing saga of the town of Iqaluit. Mr. Speaker, on November 12, I was informed in the grave, sombre tones of a letter hand-delivered from the Minister of Municipal and Community Affairs that, even with the debenture interests forgiveness relief granted by the FMB, "The town will be still be saddled with a considerable financial burden which it cannot meet with its present funds."
"The long and short of it," the Minister went on to say in his very unsettling letter, "is that the town of Iqaluit is incapable of meeting its financial obligations, for which reason, I have been directed by Cabinet to declare the town under the control of a municipal administrator." Mr. Speaker, it got worse.
On November 18, in a further letter to me, the Minister of Municipal and Community Affairs stated, "Even with the debenture refinancing, the town was still facing a deficit of nearly $1 million, much of which is due December 31, 1993." My anxiety rose. If that wasn't bad enough news, Mr. Speaker, the Minister of Finance, Mr. Pollard, speculated in this House, on November 24, in a return to a question about the financial obligations of the town of Iqaluit, "As late as yesterday, I was told by someone that amount may go as high as another $2.4 million." The miracle is this Mr. Speaker -- and I will get to who the miracle worker was later in this statement -- after all these grave warnings, even with the debenture relief having been approved, a financial crisis and crippling debt looming and year end deficits, the new municipal administrator reported to the people of Iqaluit, at a public meeting which I attended last Monday night, "The financial situation has been stabilized."
---Applause
"The patient is out of danger," he said. "The town can meet the debenture payments." Hallelujah!
---Laughter
---Applause
Mr. Speaker, in less than four weeks...(Microphone turned off)
---Laughter