Thank you, Madam Chair. The purpose of Bill 43, An Act to Amend the Borrowing Authorization Act, is to increase the short-term borrowing limit from $275 million to $300 million.
The amendment is being proposed in order to provide the short-term borrowing authority needed to make a $25 million corporate income repayment on March 31, 2015. The current limit will be exceeded by approximately $12 million once this payment is made. On April 1, 2015, the GNWT will once again be within the current limit making this a short-term cash requirement, however a necessary one. That concludes my opening remarks. Thank you, Madam Chair.