Indeed, Mr. Chairman. Mr. Chairman, the purpose of the Loan Authorization Act is to authorize the government to make loans to municipal corporations. It is a requirement of the Northwest Territories Act that Legislative Assembly authorizes any loans by the government. This Act is an annual Act which for '97/98 fiscal year will provide the authority to lend up to a maximum of $6.5 million to municipal corporations. This amount represents an increase of $2.8 million from the $3.7 million authorized for 1996/97. The tax base for municipal corporations that have been identified are requirements for loans for Fort Simpson in the amount of $150,000, Fort Smith in the amount of $1.6 million, Inuvik in the amount of $200,000, Iqaluit $1.5 million. Those are the ones with tax-based municipalities. In addition, the number of non-tax based municipal corporations have identified amounts that will be required for land development. This land development is pursuant to the government's initiative to devolve ownership of land and responsibility for the land development. This is required to support the implementation of the Nunavut Land Claims Agreement and to empower communities to become financially self-supporting and sufficient. The communities are Arviat, $269,000, Baker Lake at $25,000, Broughton at $157,000, Cape Dorset at $31,000, Clyde River, $110,000, Coral Harbour, $84,000, Grise Fiord at $88,000, Kimmirut at $52,000, Pond Inlet, $155,000, Rankin Inlet at $1,758,000, Repulse at $450,000, Resolute, $95,000, Whale Cove, $75,000. The total requirement is $6,934,000, which has been rounded to $6,500,000. Of this amount, $3.5 million is for tax based municipalities and $2,944,000 is for non-tax based municipal corporations. Thank you.
John Todd on Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
In the Legislative Assembly on March 5th, 1997. See this statement in context.
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
March 5th, 1997
Page 1131
John Todd Keewatin Central
See context to find out what was said next.