Thank you, Mr. Chairman. There is an assignment whereby the Power Corporation, when it is buying the power from the Dogrib Power Corporation, first of all subtracts from it the principal and interest owed to it by way of the loan that is made from the Energy Corporation, a subsidiary to Dogrib Power. In the event that this thing were to fail, Mr. Chairman, in all probability the Power Corporation would take over the project. We don't believe that it's going to fail. We believe that all the work has been done and that this is a very viable project so we believe the risk of failure is very, very minimal but as I say, in the event, we may have to take it over. Certainly with regard to getting our money to pay back the $25 million from whom we borrow it, that will come from the Dogrib Power Corporation right at the beginning. Thank you, Mr. Chairman.
John Pollard on Bill 18: Northwest Territories Energy Corporation Limited Loan Guarantee Act
In the Legislative Assembly on April 6th, 1995. See this statement in context.
Bill 18: Northwest Territories Energy Corporation Limited Loan Guarantee Act
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
April 5th, 1995
Page 879
John Pollard Hay River
See context to find out what was said next.