(Microphone turned off) ... why this is being done.
Debates of May 28th, 1996
Topics
Committee Motion 12-13(3): To Amend Clause 3(2) Of Bill 11, Carried
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 714
Roy Erasmus Yellowknife North
Committee Motion 12-13(3): To Amend Clause 3(2) Of Bill 11, Carried
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 714
Committee Motion 12-13(3): To Amend Clause 3(2) Of Bill 11, Carried
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 714
John Todd
Thank you, Madam Chair. This change and the motion I will be making later on in the schedule is to accommodate the $5 million for the MIC, Madam Chair. Thank you.
Committee Motion 12-13(3): To Amend Clause 3(2) Of Bill 11, Carried
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 714
Committee Motion 12-13(3): To Amend Clause 3(2) Of Bill 11, Carried
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 714
Roy Erasmus Yellowknife North
Thank you, Madam Chair. This indicates that we'll be spending another $5 million. Is this going to affect the projected deficit? Is it going to increase the deficit?
Committee Motion 12-13(3): To Amend Clause 3(2) Of Bill 11, Carried
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 714
Committee Motion 12-13(3): To Amend Clause 3(2) Of Bill 11, Carried
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 714
John Todd
Thank you, Madam Chair. No, this will be expenditure neutral because the funds will come from the sale of staff housing. Thank you.
Committee Motion 12-13(3): To Amend Clause 3(2) Of Bill 11, Carried
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 714
Committee Motion 12-13(3): To Amend Clause 3(2) Of Bill 11, Carried
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 714
Roy Erasmus Yellowknife North
Thank you, Madam Chair. I didn't quite get that. Maybe the Minister could explain it a little better.
Committee Motion 12-13(3): To Amend Clause 3(2) Of Bill 11, Carried
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 714
Committee Motion 12-13(3): To Amend Clause 3(2) Of Bill 11, Carried
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 714
John Todd
Sorry, Madam Chair. This expenditure will come from the sale of staff housing and it's not projected to increase the deficit. Thank you.
Committee Motion 12-13(3): To Amend Clause 3(2) Of Bill 11, Carried
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 714
Committee Motion 12-13(3): To Amend Clause 3(2) Of Bill 11, Carried
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 714
Roy Erasmus Yellowknife North
What is going to come from staff housing? Are we going to be getting some money from staff housing? His explanations are a little bit too brief. Maybe he can explain more, please.
Committee Motion 12-13(3): To Amend Clause 3(2) Of Bill 11, Carried
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 714
Committee Motion 12-13(3): To Amend Clause 3(2) Of Bill 11, Carried
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 714
John Todd
Maybe I misunderstood. I thought everybody was aware of this, Madam Chair. Sorry. What we're asking for is the $5 million amendment to the act to seed the Mortgage Investment Corporation. The $5 million will come from the sale of the 560 staff houses that we intend to proceed to sell late in the fall of this year. Thank you.
Committee Motion 12-13(3): To Amend Clause 3(2) Of Bill 11, Carried
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 714
Committee Motion 12-13(3): To Amend Clause 3(2) Of Bill 11, Carried
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 714
Edward Picco Iqaluit
Thank you, Madam Chair. I cannot support the motion. After this past weekend in Iqaluit, when we met with the Chamber of Commerce and spoke to the bank manager who told me and Mr. Todd that, in actuality, they were being very aggressive in doing bank mortgages in level 11 and level III communities. Then, after the meeting, in speaking to the manager and he had talked to his counterparts of the Royal Bank in other regions, and they, too, were doing mortgages in level 11 and level III communities.
I would need more information and justification to approve the motion.
Committee Motion 12-13(3): To Amend Clause 3(2) Of Bill 11, Carried
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 714
Committee Motion 12-13(3): To Amend Clause 3(2) Of Bill 11, Carried
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 714
John Todd
Madam Chair, I've spoken to the committee and Mr. Picco is certainly welcome to vote against the motion. I would call question. Let's see if we can get support for it. As far as I'm concerned, I have said, until I'm blue in the face, contrary to what Mr. Picco might think, that I believe and still believe that level 11 and III communities have a requirement for this money. I thought I had reassured the committee on which I think he sits that there were some safeguards there, I believe I have a reasonable amount of support for this bill to move forward. Thank you.
Committee Motion 12-13(3): To Amend Clause 3(2) Of Bill 11, Carried
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 714
Committee Motion 12-13(3): To Amend Clause 3(2) Of Bill 11, Carried
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 714
Jake Ootes Yellowknife Centre
I wonder if the Minister could tell us, on the sale of housing, what kind of revenues we might get from this sale.
Committee Motion 12-13(3): To Amend Clause 3(2) Of Bill 11, Carried
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 714
Committee Motion 12-13(3): To Amend Clause 3(2) Of Bill 11, Carried
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 714
John Todd
Thank you, Madam Chair. As my colleague here tells me, be patient. Maybe it's because we are getting near the end of the day; but I've explained to my honourable colleague, I don't know how many times, but we are projecting $15 million to $20 million in the sale of staff housing and we're projecting that revenue to come in over a two-year period. Thank you.
Committee Motion 12-13(3): To Amend Clause 3(2) Of Bill 11, Carried
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 714
Committee Motion 12-13(3): To Amend Clause 3(2) Of Bill 11, Carried
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 715
Jake Ootes Yellowknife Centre
So will it be only $5 million that will be devoted to the Mortgage Investment Corporation, and what will happen to the other $15 million?