Thank you, Mr. Chairman. Mr. Chairman, I'd like to say again this is another one of those bills that I'm very happy to see come forward. There was a lot of concern a couple of years ago that it might not be coming forward, and I know over the past two years I've been hearing from members of our city council that they wanted to make sure that it came forward. So I'm glad we were able to get it to this point where we could consider it tonight. I know there was a significant concern that if we didn't bring it forward or didn't get it passed that it might have a significant impact on insurance rates for municipalities.

It was good to see it introduced, but then when it was introduced I started hearing from city council members that they had some concerns. I think from what I've seen of the committee report and from my conversations with council members that for the most part the committee and the Minister heard these concerns and made amendments. I know that in the city of Yellowknife there was a concern about the market disruption policy, and I'm pleased to see that the committee listened in that case to the concerns that were raised and that the Minister agreed with the committee on the removal of those requirements. So I think in its current form, for the most part this bill meets the expectations of the city and deals with most of the concerns that were raised.

There's one area, though, that didn't get addressed by the committee that I just need to make a comment on, and that's the long-term borrowing issue. My position would be that municipal governments are at least as responsible as this government. They are part of a democratic system. The same people who elect everybody who sits at this table elect municipal councillors. I think that we have to recognize their ability to take on the responsibility of deciding whether or not their corporation can afford to borrow money.

I'd just point out that if in fact it is the same people electing us, thank goodness we don't have to go to plebiscite every time we borrow money. The Finance Minister would be out running a plebiscite just about every second week the way we've been going lately. Given that, and the fact that we're not agreeing to long-term borrowings without going to voters' approval, I find it particularly interesting that the Association of Communities recommended that there be a requirement that municipalities prepare balanced budgets. I can remember how much pain and suffering we went through when we were required to have balanced budgets here, and I certainly haven't heard Mr. Handley calling for that sort of approach. So I think it's an indication of the maturity that's out there, the willingness to take on their own problems and deal with them. While I am disappointed that the committee didn't agree on that one, I still think we have basically pretty good legislation here and I will be supporting it. Thank you.