Thank you, Mr. Chairman. I’d like to thank the Minister for bringing forward the Heritage Act. There certainly has been a lot of talk about the Heritage Act over the last four years and I think it’s good that it finally came through. For me, as the purpose indicates, the Heritage Fund is to ensure that the future generations of people in the Northwest Territories benefit from ongoing economic development, including the development of non-renewable resources. Ultimately what this comes down to is this is for the people. This is for the people of the Northwest Territories both today, but more importantly in the future.

As we develop resources in the Northwest Territories and pull diamonds out of the ground, we need to ensure a legacy for the individuals who are going to come after us: our children, our children’s children, and their grandchildren. I think an act like the Heritage Act will put some money in place so that when renewable resources are gone, there will be something for future generations.

Just for the record, I just have to go on the record and basically say to my colleague Mr. Ramsay that I do disagree with him on the concept of dividends. Dividends, in my mind, would only be a reasonable utilization of the Heritage Fund should the Heritage Fund grow to significant proportions. Otherwise, I think we should ensure that it’s there to protect programs and services that are available to the people.

I did have an opportunity recently of talking to a number of state legislators of Alaska and we did have a conversation about their Heritage Fund, and the ones I was talking to encouraged extreme caution with respect to dividends. There have been some benefits but it has also caused significant numbers of problems. So future generations of this Legislature, future Legislatures should be very cautious about dividends and if they are going to explore them, they should be something that’s only used should the Heritage Fund grow to mega proportions.

In the meantime we’ve got this thing in front of us and it’s something that we do need to start thinking about, putting some money in, and there are some areas where there might be money available. There might be revenues generated out of the Opportunities Fund. That might be a reasonable allocation for this as a starting point. With devolution, should it be finalized, should we get to a final agreement and move forward, there may be money available to put into this thing in the future.

It is important. It is timely. No point waiting. I think the time is now and I’m happy to see this thing before us. There are lots of questions. There are lots of things that need to be done and decided with this thing, and hopefully, when the future government, the 17th Assembly starts developing

some regulations, they will share the regulations

with the Regular Members, because this is a big picture item. This is about the future of the Northwest Territories and I think all Members should be involved in its design and future.

That’s about it. Basically, I support the piece of legislation. I’m looking forward to its passage and I will look forward to the future of this fund. Thank you, Mr. Chair.