Northwest Territories Borrowing Limits Regulations
Marginal note:Manner to determine value of borrowing
3 For the purposes of subsections 20(2) and (4) of the Northwest Territories Act,
(a) the value of the obligation incurred as a result of a loan referred to in paragraph 2(1)(a) is equal to the sum of any outstanding principal and any accrued interest — or the principal repayable at maturity in the case of a loan made by the issuance and sale of a discount bond — but excludes the amount of any custodial account that is outside the control of the government and in which money is deposited on a regular basis, as required by a loan agreement, for the repayment of the loan;
(b) the value of the obligation incurred as a result of a capital lease referred to in paragraph 2(1)(b) is determined in accordance with the CICA Public Sector Accounting Handbook, as amended from time to time;
(c) the value of the liability incurred as a result of a sale-leaseback transaction referred to in paragraph 2(1)(c) is determined in accordance with the CICA Public Sector Accounting Handbook, as amended from time to time; and
(d) the value of the contingent liability incurred as a result of a loan guarantee referred to in paragraph 2(1)(d) is equal to the full amount of that contingent liability that is to be disclosed in the Territorial Accounts.
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