Mr. Chairman, the funds being requested to be guaranteed by this Legislative Assembly are being requested to use specifically for the purposes of Dogrib Power and it is for construction of the Snare Cascades project.
Has this been done before? Yes, there have been two acts that have gone through this House. One was a fairly large act, the NWTPC Act, whereby we took over the NWT Power Corporation. In that act there was an ability for the NWTPC to go out and borrow money.
The second time it was done -- and I can't remember the order, but I believe this might have been the first one -- was the Neptune Resources Corporation Loan Guarantee Act, which was given assent on November 8, 1988, Mr. Chairman. The purpose of that act was to allow the government to guarantee a loan to Colomac Mines and that amount was $3 million. It was made specific that it would be to Neptune Resources Corporation. That act was never used, that loan guarantee was taken up or advanced by the government and the act has been repealed, Mr. Chairman. Thank you.