As Members are aware and as we have briefed Members, the need for this session is based on the lenders requesting the GNWT assume the debt. If we do not assume the debt, then there will be a make-whole clause that would kick in. There would be a penalty on top of the repayment of the debt. We would have a project that is out of the water but yet to be complete. So it will cost additional monies on the Government of the Northwest Territories and without assuming this process and having the federal government work with us as they have committed to on debt relief, in future years we would have to do what some Members have talked about in our meetings about having to squeeze our belts and reduce our expenditures to afford this in future years. The steps we have taken provide us the necessary tools so that will not have to happen.
Floyd Roland on Question 56-16(5): Deh Cho Bridge Project Fiscal Implications
In the Legislative Assembly on March 23rd, 2010. See this statement in context.
Question 56-16(5): Deh Cho Bridge Project Fiscal Implications
Oral Questions
March 22nd, 2010
Inuvik Boot Lake
See context to find out what was said next.