Thank you, Mr. Chairman. The $5 million limit is just for the NT Hydro Corporation itself for working capital and operational purposes. It's not intended to be a source of financing for any particular hydro project. It might be funding that the Hydro Corp needs to do a little bit of research to keep operations going on a day-to-day basis, but any of the significant borrowing related to a specific project, the intention is, would be funded through a subsidiary; either through a direct subsidiary of NT Hydro or through a joint venture such as Deze. The provisions in the act in 19 make it clear that any borrowing of such a subsidiary must be approved by the Financial Management Board in advance. So if a subsidiary, either through joint venture or directly, has to borrow for a major project, a transmission line or a generation facility, then that borrowing is outside the $5 million because the $5 million is just for day-to-day needs. That has to specifically be approved by the Financial Management Board. So there is adequate check and balance on the borrowing of NT Hydro as well as its subsidiaries.
Mr. Voytilla on Item 20: Consideration In Committee Of The Whole Of Bills And Other Matters
In the Legislative Assembly on May 16th, 2007. See this statement in context.
Item 20: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 20: Consideration In Committee Of The Whole Of Bills And Other Matters
May 15th, 2007
Page 256
Voytilla
See context to find out what was said next.