Thank you, Mr. Chairman. Mr. Chairman, the purpose of the Loan Authorization Act, 1995-96, is to authorize the making of loans to municipalities. It is a requirement of the Northwest Territories Act that the lending of government funds be authorized by this Legislative Assembly. This act is an annual act which, for the 1995-96 fiscal year, will provide the authority to lend up to a maximum of $9.1 million to municipalities. This amount represents an increase of $2.1 million from the $7 million authorized for 1994-95 fiscal year.

Municipalities that have identified a requirement for loans include Yellowknife, Fort Smith, Fort Simpson, Hay River and Inuvik. The nature of municipal purposes for which these loans will be used include the repair of existing municipal property, a recreation centre and limited lot development. Thank you, Mr. Chairman.