Amendment NDP-2 is speaking to page 14, line 1, and asks that Bill C-15, in clause 2, be amended by replacing line 1 on page 14 with the following:
(5) The Governor in Council may, after consultation with the Government of the Northwest Territories and on the
That speaks to the requirement that the federal government, before making regulations governing the borrowing powers of the Northwest Territories government, would have to consult formally with the Government of the Northwest Territories before making any changes to the rules and regulations that surround one of the most important aspects of any government's portfolio, that is, the fiscal ability of the Government of the Northwest Territories.
The absolute primary function of government is to be able to invest and to make good use of funds for the people it represents. The Government of the Northwest Territories, being a very responsible government that has a double-A credit rating from Moody's, has a better credit rating than many provinces.
We've gone through this debate a number of times in Parliament. There was a lot of support in Parliament for more borrowing powers for the Government of the Northwest Territories, yet within the bill, of course, this still remains the purview of the federal cabinet. It's important to note that it's not simply the dollar amount of the borrowing limit for the Government of the Northwest Territories, although that is very important. It's the type of consideration that's given to borrowing.
For instance, if self-financed loans are put into the borrowing limit for the Government of the Northwest Territories, that tremendously limits the ability of government to invest in the types of things that every other government in Canada has invested in over the course of our Confederation. When the Government of the Northwest Territories wants to invest in utilities to build hydroelectric facilities or transmission lines, those with this power that the federal government has to set the terms and conditions of borrowing could drastically impact on its ability to actually do that, even though the types of loans it would be making would be self-financed and would not be a burden to the taxpayers.
These are important considerations. Once again, this amendment is something to assure the Government of the Northwest Territories that it will be involved in any of those deliberations by the federal cabinet over the powers it has in borrowing. I think it's a very important amendment as well. It may well never be used, but it clearly delineates to everyone that the Government of the Northwest Territories has to be involved in these types of decisions.
I would encourage all members to support this, as they have supported the previous amendment.