Mr. Chairman, we are actually -- through the Power Corporation, through its wholly owned subsidiary, the NWT Energy Corporation -- going to borrow $25 million, as I said before, at a 130 basis point over Canada Loans, whatever they are on that particular day, and then we are going to turn around and loan those funds to the Dogrib Power Corporation. One of the guarantees is that they will allow us to take off the money that we will paying them for power, the principle and interest payments, so it gets paid directly to the Energy Corporation. That is the way the financing will work, 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 880
John Pollard Hay River
See context to find out what was said next.