You want a quick response, but you've raised about five issues that I would like to respond to.
We've decided to take a balanced approach and not to simply give all the money to municipalities. Provinces have projects as well. We think there are many municipalities that can have matching funds. Some do not have the money, as you said. We came forward with a $2 billion loan program, which will provide access to capital and at a modest rate, given the historic low interest infrastructure rates.
I'll give you an example. We put out a call in September at the Association of Municipalities of Ontario. We asked for municipalities of under 100,000 across Ontario to apply. We had $200 million to give out. We got requests from municipalities of $1.4 billion where they said they had matching funds. So when we had $200 million to offer and there were matching funding for $1.4 billion, I know that there is $1.2 billion worth of projects out there where the municipalities in Ontario do have matching funds.
I know, for example, in your community, in the city of Toronto, they underspent their capital budget by $200 million. They have $200 million that lapsed in December because they couldn't spend it all. So I know they have money too.