Thank you.
The borrowing limit and whatever money is borrowed by the port authority, as I mentioned, is ultimately paid by the tenants and the users. In situations where that borrowing far exceeds what ultimately can be borne by the tenants and the users, there is a risk—and it has never been stress-tested—that the port authority may basically default on its payments, especially if it has borrowed on low interest rates and interest rates keep rising.
An example would be a multi-billion dollar project, a $5-billion or $7-billion project like Roberts Bank terminal 2, that the Vancouver Fraser Port Authority is trying to borrow money for. That level of borrowing could potentially bankrupt the port if the project doesn't materialize and they are not able to find a private sector partner to pay for that project. That would ultimately put the taxpayers at risk. Somebody would have to pay. Government would have to step in and bail out a port authority, and that in turn would put taxpayer monies at risk.