Thank you, Mr. Speaker. A surety bond is what we have accepted in this particular case. It is a bond that is covered by three major insurance companies, and the proponent would pay a premium on that insurance. It’s in effect until we release our interest in it. It’s a very powerful instrument to use. It’s one that’s used widely across the world, my understanding, and it’s one that’s acceptable under the Waters Act, and it does carry a lot of weight. It’s covered by multinational insurance companies, and it is one that we’re using in this case. What that does is it also frees up some capital that the developers can put back into their project, which could add as long as 10 years on to the life of some projects and the jobs that would continue to provide. It is a very strong bond and it is acceptable in development.
Robert C. McLeod on Question 541-17(5): Liability And Financial Securities
In the Legislative Assembly on November 6th, 2014. See this statement in context.
Question 541-17(5): Liability And Financial Securities
Oral Questions
November 5th, 2014
See context to find out what was said next.