Thank you, Mr. Chairman. Bill 9 is really the purpose of the Loan Authorization Act, which is to authorize the government to make loans to municipal corporations. It is a requirement of the NWT Act that the Legislative Assembly authorizes any loans by the government.

This act is an annual act which for the year 1998-99 will provide the authority to lend up to a maximum of $1 million to municipal corporations. This amount represents a decrease of $5.5 million from the $6.5 million authorized in the 1997-98 fiscal year.

Non-tax-based municipal corporations have identified a requirement for loans in 1998-99. If a municipal government requires it, we will seek them in the private market. However, some 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 the land and responsibility for land development. This is required to support the implementation of the Nunavut land claims agreement and to empower communities to become financially self-sufficient. The communities are Cambridge Bay, Clyde River, Gjoa Haven, Hall Beach, Resolute Bay and Sanikiluaq.

The total requirement identified by these non-tax-based municipal corporations at 1998-99, this has been rounded to $1 million to provide a cushion in the event other needs arise. Thank you.