This is page numbers 345 - 392 of the Hansard for the 19th Assembly, 2nd Session. The original version can be accessed on the Legislative Assembly's website or by contacting the Legislative Assembly Library. The word of the day was going.

Consideration In Committee Of The Whole Of Bills And Other Matters
Consideration In Committee Of The Whole Of Bills And Other Matters

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Caroline Wawzonek

Caroline Wawzonek Yellowknife South

Thank you, Madam Chair. Yes, I certainly will commit to do that. I don't want this to sound like I am suggesting that the Member hasn't read all the materials that I have provided over the last week, but I do believe in the Tuesday budget documents that the financial, the economic outlook, and the fiscal documents do include some breakdown of how our debt is structured. If I am wrong about that, then I will make sure to include it going forward and to make sure that the Member gets exactly what he needs to understand, to be assured that our debt is actually a fiscally responsible one. Thank you, Madam Chair.

Consideration In Committee Of The Whole Of Bills And Other Matters
Consideration In Committee Of The Whole Of Bills And Other Matters

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The Chair

The Chair Julie Green

Thank you, Minister of Finance. Member for Yellowknife North.

Consideration In Committee Of The Whole Of Bills And Other Matters
Consideration In Committee Of The Whole Of Bills And Other Matters

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Rylund Johnson

Rylund Johnson Yellowknife North

Thank you, Madam Chair. I appreciate that. I am also always confused about what I know and what is public and whatnot. I was simply looking for something public. My next question is: can I have some explanation of what a debenture is for the NWT Hydro Corporation, specifically what these debts are that have interest rates 6.42 percent, 9 percent, 10 percent? Can someone explain to me what that is and why would we ever be paying that amount of interest?

Consideration In Committee Of The Whole Of Bills And Other Matters
Consideration In Committee Of The Whole Of Bills And Other Matters

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The Chair

The Chair Julie Green

Thank you, Member for Yellowknife North. Minister of Finance.

Consideration In Committee Of The Whole Of Bills And Other Matters
Consideration In Committee Of The Whole Of Bills And Other Matters

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Caroline Wawzonek

Caroline Wawzonek Yellowknife South

Madam Chair, I am going to ask the deputy minister to assist me on this one. Thank you.

Consideration In Committee Of The Whole Of Bills And Other Matters
Consideration In Committee Of The Whole Of Bills And Other Matters

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The Chair

The Chair Julie Green

Thank you, Minister. Deputy Minister.

Consideration In Committee Of The Whole Of Bills And Other Matters
Consideration In Committee Of The Whole Of Bills And Other Matters

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Kalgutkar

Thank you, Madam Chair. The debenture is just a fancy word for a long-term debt issuance. You could call it is bond. It is typically called a bond, but in this case, it is called a debenture. It is a form of a long-term debt issuance. Thank you, Madam Chair.

Consideration In Committee Of The Whole Of Bills And Other Matters
Consideration In Committee Of The Whole Of Bills And Other Matters

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The Chair

The Chair Julie Green

Thank you, Deputy Minister. Member for Yellowknife North.

Consideration In Committee Of The Whole Of Bills And Other Matters
Consideration In Committee Of The Whole Of Bills And Other Matters

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Rylund Johnson

Rylund Johnson Yellowknife North

Thank you. I guess that doesn't answer my question of: we have here interest rate of between 4 and 6.42 percent, and then we even have interest rates between 9 and 10 percent. What is it about debentures, a long-term-held debt, that we're paying 10 percent on? Thank you.

Consideration In Committee Of The Whole Of Bills And Other Matters
Consideration In Committee Of The Whole Of Bills And Other Matters

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The Chair

The Chair Julie Green

Thank you, Member for Yellowknife North. Deputy Minister.

Consideration In Committee Of The Whole Of Bills And Other Matters
Consideration In Committee Of The Whole Of Bills And Other Matters

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Kalgutkar

Thank you, Madam Chair. I'll just use the 9.6 as an example. The 9.6 is made up of several different debentures, varying in different interest rates. The Power Corporation typically issues long-term debt to pay for refurbishment of some of their thermal hydro-generation assets, and to pay for a lot of their capital plan. So that's what these debentures, their long-term debt is associated with. Thank you, Madam Chair.

Consideration In Committee Of The Whole Of Bills And Other Matters
Consideration In Committee Of The Whole Of Bills And Other Matters

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The Chair

The Chair Julie Green

Thank you, Deputy Minister. Are there any further questions about the GNWT's borrowing plan? Seeing nothing further, I will call this page. Borrowing plan for the government reporting entity and establish borrowing limits for the Government of the Northwest Territories, total government borrowing, $892,574,000. Does committee agree?

Consideration In Committee Of The Whole Of Bills And Other Matters
Consideration In Committee Of The Whole Of Bills And Other Matters

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Some Hon. Members

Agreed.

Consideration In Committee Of The Whole Of Bills And Other Matters
Consideration In Committee Of The Whole Of Bills And Other Matters

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The Chair

The Chair Julie Green

Thank you, committee. Does the committee agree that the consideration of the Department of Finance is now completed?

Consideration In Committee Of The Whole Of Bills And Other Matters
Consideration In Committee Of The Whole Of Bills And Other Matters

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Some Hon. Members

Agreed.

Consideration In Committee Of The Whole Of Bills And Other Matters
Consideration In Committee Of The Whole Of Bills And Other Matters

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The Chair

The Chair Julie Green

Thank you, committee. Thank you to the Minister and thank you to Mr. Kalgutkar for appearing before us. Sergeant-at-Arms, please escort the witnesses from the Chamber.

I'd just like to take a moment while the Minister reseats herself to thank the Pages for all the great work they've done for us this week, keeping us going through some very long hours. Thank you, Pages.

---Applause

What is the wish of committee? Mr. Norn.

Consideration In Committee Of The Whole Of Bills And Other Matters
Consideration In Committee Of The Whole Of Bills And Other Matters

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Steve Norn

Steve Norn Tu Nedhe-Wiilideh

Thank you, Madam Chair. I move that the Chair rise and report progress. Mahsi cho.

Consideration In Committee Of The Whole Of Bills And Other Matters
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The Chair

The Chair Julie Green

The motion is in order. The motion is non-debatable. All those in favour. All those opposed. The motion is carried.

---Carried

I will now rise and report progress.

Consideration In Committee Of The Whole Of Bills And Other Matters
Consideration In Committee Of The Whole Of Bills And Other Matters

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The Speaker

The Speaker Frederick Blake Jr.

May I have the report of the Committee of the Whole, Member for Yellowknife Centre?

Report Of Committee Of The Whole
Report Of Committee Of The Whole

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Julie Green

Julie Green Yellowknife Centre

Thank you, Mr. Speaker. Your committee has been considering Tabled Document 30-19(2), 2020-2021 Main Estimates, and would like to report progress. Mr. Speaker, I move that the report of the Committee of the Whole be concurred with. Mahsi.

Report Of Committee Of The Whole
Report Of Committee Of The Whole

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The Speaker

The Speaker Frederick Blake Jr.

Thank you, Member for Yellowknife Centre. Do we have a seconder? Member for Inuvik Boot Lake. All those in favour. All those opposed. The motion is carried.

---Carried

Item 23, third reading of bills. Mr. Clerk, orders of the day.

Orders Of The Day
Orders Of The Day

February 28th, 2020

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Clerk Of The House Mr. Tim Mercer

Orders of the day for Monday, March 2, 2020, at 1:30 p.m.:

  1. Prayer
  2. Ministers' Statements
  3. Members' Statements
  4. Returns to Oral Questions
  5. Recognition of Visitors in the Gallery
  6. Replies to the Budget Address (Day 5 of 7)
  7. Acknowledgements
  8. Oral Questions
  9. Written Questions
  10. Returns to Written Questions
  11. Replies to the Commissioner's Address
  12. Petitions
  13. Reports of Committees on the Review of Bills
  14. Reports of Standing and Special Committees
  15. Tabling of Documents
  16. Notices of Motion
  17. Motions
  18. Notices of Motion for First Reading of Bills
  19. First Reading of Bills
  20. Second Reading of Bills
  21. Consideration in Committee of the Whole of Bills and Other Matters

- Tabled Document 30-19(2), Main Estimates 2020-2021

- Tabled Document 43-19(2), Supplementary Estimates (Infrastructure Expenditures), No. 1, 2020-2021

  1. Report of Committee of the Whole
  2. Third Reading of Bills
  3. Orders of the Day

Orders Of The Day
Orders Of The Day

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The Speaker

The Speaker Frederick Blake Jr.

Thank you, Mr. Clerk. This House stands adjourned until Monday, March 2, 2020, at 1:30 p.m. Thank you.

---ADJOURNMENT

The House adjourned at 2:41 p.m.