Thank you, Mr. Speaker. Mr. Speaker, I would like to table the document entitled "Involvement in Political Activity".

Thank you, Mr. Miltenberger. Item 13, tabling of documents. The honourable Premier, Mr. Kakfwi.

Thank you, Mr. Speaker. Mr. Speaker, I would like to table the following documents entitled "Human Resource Manual, Section 901, Job Descriptions, Bargaining Group and Excluded Employees".

Also, "Ministerial Administrative Procedures, Section 10, Ministerial Executive Assistants". Thank you, Mr. Speaker.

Thank you, Mr. Premier. Item 13, tabling of documents. The honourable Member for North Slave, Mr. Lafferty.

Thank you, Mr. Lafferty. Item 13, tabling of documents. Item 14, notices of motion. Item 15, notices of motion for first reading of bills. Item 16, motions. The honourable Member for Mackenzie Delta, Mr. Krutko.

Thank you, Mr. Speaker, I would like to seek unanimous consent to go back to item 5.

Thank you, Mr. Krutko. The honourable Member is seeking unanimous consent to return to item 5, recognition of visitors in the gallery. Are there any nays? There are no nays. Mr. Krutko.

Thank you, Mr. Speaker. I would like to recognize Mr. Leon Cournoyea with the Northwest Territories Power Corporation.

Welcome, Mr. Cournoyea. Item 16, motions. Item 17, first reading of bills. The honourable Minister responsible for Finance, Mr. Handley.

Mr. Speaker,

I MOVE, seconded by the honourable Member for Inuvik Twin Lakes, that Bill 11, An Act to Amend the Workers' Compensation Act, be read for the first time. Thank you, Mr. Speaker.

Thank you, Mr. Handley. The motion is in order. To the motion. Question has been called. All those in favour? Thank you. All those opposed? All those abstaining? The motion is carried. Bill 11 has had first reading. Item 17, first reading of bills. Item 18, second reading of bills. Item 19, consideration in committee of the whole of bills and other matters: Bill 2, Write-off of Debts Act 2000-2001; Bill 3, Forgiveness of Debts Act, 2000-2001; Bill 7, Miscellaneous Statutes Amendment Act; and Bill 9, An Act to Amend the NWT Power Corporation Act, with Mr. Krutko in the chair.

Thank you Mr. Chairman. Mr. Chairman, I would like to recommend that we deal with the four bills in the following order: Bill 9, followed by Bill 2, followed by Bill 3, and then Bill 7. Thank you, Mr. Chairman.

Does the committee agree? We will start off with Bill 9 after a short break.

-- Break

I will call the committee to order. We are reviewing Bill 9, An Act to Amend the NWT Power Corporation Act. I would like to call on the Minister responsible for the bill to make any opening comments. Mr. Ootes.

Thank you, Mr. Speaker. The Northwest Territories Power Corporation has requested an amendment to the section of the Northwest Territories Power Corporation Act that governs and restricts the investing activities of the corporation. The amendment acknowledges the unique requirements of the corporation and recognizes that the best interest of its customers and its shareholder, the GNWT, will be served by allowing the corporation to expand their investment activities beyond the constraints currently placed on public agencies.

The corporation is required under the terms and conditions of its long-term debt agreements to set aside funds on an annual basis to provide for the repayment of the debt at a later date.

The advantage of this approach is that these funds can be invested and grow on their own accord. The more these funds can grow through prudent and efficient investment, the less the corporation will be required to contribute to the funds.

Reducing contributions will help reduce their need for rate increases. The board of directors of the corporation is charged under the Northwest Territories Power Corporation Act with directing the business of the corporation, and the amendment meets with their approval.

In addition, the board of directors of the corporation has approved an investment policy that will maximize investment return for a level of risk that is deemed appropriate. This investment policy is conservative and mirrors the investment policy that governs the investment activities of the Workers' Compensation Board of the Northwest Territories.

Bill 9 will allow the corporation and their licensed professional investment advisors to progress beyond a restrictive list of authorized investments and utilize modern theory and practices to the construction of a pool of investments in the best interest of the corporation's customers and shareholder, the GNWT.

Failure to pass Bill 9 will prevent the corporation from utilizing its financial resources in an optimal manner to the benefit of its customers. Thank you, Mr. Chairman.

Thank you, Mr. Minister. Does the committee responsible for overseeing this department have any comments? Mr. Dent.

Thank you, Mr. Chairman. Mr. Chairman, the Standing Committee on Accountability and Oversight reviewed Bill 9, An Act to Amend the Northwest Territories Power Corporation Act, at its meeting on September 26, 2000. The committee would like to thank the Minister responsible for the Northwest Territories Power Corporation and senior officials of the corporation for presenting the bill.

Bill 9 amends the Northwest Territories Power Corporation Act to provide the corporation with the same type of investment powers that other public agencies have under the Financial Administration Act. The amendments repeal sections 32 and 33, which deal with the categories of investment of money that the corporation may make, and the provision that allowed for investment and security in corporations to carry on the business of generating, transmitting and providing energy.

Bill 9 replaces this section with a new subsection which expands the types of investments that may be made by the corporation. The expansion of investment powers provides that in addition to those investments which may be made pursuant to the Financial Administration Act, the corporation may invest in such other securities and investments that it considers prudent.

During the committee's review of the bill, Members indicated to the Minister that they were concerned the amendment to the Act could not become effective until regulations to the Financial Administration Act were developed. Further, the committee advised the Minister that they were reluctant to support the bill unless the government confirmed that the regulations to the Financial Administration Act would soon be implemented.

The committee is pleased to report to the House that they have received confirmation from the Minister that he has received the assurance from the Minister responsible for Finance that these regulations will be brought before the Financial Management Board for final approval during the month of November 2000.

Mr. Chairman, committee members may have additional comments or questions on this bill during the review of committee of the whole. Thank you.

Thank you, Mr. Dent. At this time, I would like to ask the Minister if he would like to bring in any witnesses.

Yes, I would, Mr. Chairman.

Does the committee agree?