Implementation Plan for the Sahtu Dene and Metis Comprehensive ...
Implementation Plan for the Sahtu Dene and Metis Comprehensive ...
Implementation Plan for the Sahtu Dene and Metis Comprehensive ...
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ANNEX AProject 8 - 3:Project Manager:Participant/Liaison:Loan against capital transfer paymentsDepartment of Finance<strong>Sahtu</strong> Tribal Council (STC)Obligations Addressed:8.3.1. At any time after three years from <strong>the</strong> date of settlement legislation <strong>the</strong> <strong>Sahtu</strong> Tribal Councilmay request a loan from Canada against <strong>the</strong> <strong>the</strong>n unpaid balance of <strong>the</strong> capital transfer.8.3.2 Canada, as represented by <strong>the</strong> Minister of Finance, may decide, at its discretion, whe<strong>the</strong>r togrant a request, pursuant to 8.3.1, <strong>for</strong> a loan. The Minister may negotiate <strong>the</strong> terms <strong>and</strong>conditions of a loan subject to <strong>the</strong> requirement that:(a) <strong>the</strong> <strong>Sahtu</strong> Tribal Council shall pay, at <strong>the</strong> time of <strong>the</strong> loan, an amount on any outst<strong>and</strong>ingbalance of negotiation loans described in 8.2.1 which will reduce <strong>the</strong> outst<strong>and</strong>ing balance ofthose loans by <strong>the</strong> same proportion as <strong>the</strong> amount loaned under 8.3.2 bears to <strong>the</strong> unpaidbalance of <strong>the</strong> capital transfer in 8.1.1;(b) <strong>the</strong> amount paid by <strong>the</strong> <strong>Sahtu</strong> Tribal Council in (a) shall be credited to <strong>the</strong> last payments of<strong>the</strong> schedule described in 8.2.1;(c) <strong>the</strong> unpaid balance of <strong>the</strong> capital transfer in any year is greater than or equal to <strong>the</strong> total ofall outst<strong>and</strong>ing administrative fees, if any, loan repayments <strong>and</strong> interest payable by <strong>the</strong><strong>Sahtu</strong> Tribal Council; <strong>and</strong>(d) Canada may deduct any loan repayments due from <strong>the</strong> <strong>Sahtu</strong> Tribal Council frompayments due to <strong>the</strong> <strong>Sahtu</strong> Tribal Council pursuant to 8.1.1.ACTIVITIES RESPONSIBILITY TIMING GUIDELINES(in sequence)1. Loan may be requested from Canada STC after 3 years fromagainst <strong>the</strong> unpaid balance of <strong>the</strong> capitalsettlement legislationtransfer2. Canada decides whe<strong>the</strong>r to grant <strong>the</strong> Minister, Department of at discretion of Ministerrequest <strong>for</strong> a loan <strong>and</strong> in<strong>for</strong>ms <strong>the</strong> STC Finance3. If <strong>the</strong> request <strong>for</strong> a loan is accepted, Department of Finance, as requirednegotiate <strong>the</strong> terms <strong>and</strong> conditionsSTC4. If agreement is reached on <strong>the</strong> terms <strong>and</strong> Canada as agreed toconditions, a loan is made to <strong>the</strong> STCSAHTU IMPLEMENTATION PLAN 28