Implementation Plan for the Sahtu Dene and Metis Comprehensive ...

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