Mackenzie Gas Project Impacts Fund Act

An Act to establish the Mackenzie Gas Project Impacts Fund Short title This Act may be cited as the Mackenzie Gas Project Impacts Fund Act. Definitions The following definitions apply in this Act. Mackenzie gas project means the project proposed by a consortium led by Imperial Oil Resources Ventures Limited that includes the development of the natural gas fields of Niglintgak, Taglu and Parsons Lake, and the construction and operation of a gathering system related to those fields; a natural gas liquids pipeline; the natural gas pipeline that is the subject of the application GH-12004 made to the National Energy Board on October 7, 2004; and facilities related to the fields, the gathering system or the pipelines. (projet gazier Mackenzie) regional organization means an organization referred to in the schedule. (organisation régionale) Power of Governor in Council The Governor in Council may designate a member of the Queen’s Privy Council for Canada to be the Minister for the purpose of this Act. Purpose The purpose of this Act is to establish the Mackenzie Gas Project Impacts Fund in order to provide for contributions to regional organizations with respect to projects described in section 8. Account established There is established in the accounts of Canada an account to be known as the Mackenzie Gas Project Impacts Fund. Charges On the requisition of the Minister, there is to be paid out of the Consolidated Revenue Fund and charged to the Mackenzie Gas Project Impacts Fund all contributions that are to be paid under section 8. Interest to be credited to Fund The Minister of Finance must, from the Consolidated Revenue Fund, credit to the Mackenzie Gas Project Impacts Fund interest — calculated in the manner and at the rate determined by the Governor in Council — on the balance from time to time of that Fund. Eligible project The Minister may provide contributions to regional organizations with respect to a project if the project mitigates the existing or anticipated socio-economic impacts on communities in the Northwest Territories arising from the Mackenzie gas project; and meets the criteria established and made publicly available by the Minister. Agreement with regional organizations The Minister must, before providing a contribution to a regional organization, enter into an agreement with the organization respecting, among other things, the manner in which advances will be made in respect of contributions and when those advances will be made; the terms or conditions on which the contributions will be provided; and the evaluation of the regional organization’s performance in achieving the objectives associated with the provision of contributions for eligible projects and the evaluation of the results of the projects that are funded. Order in council The Governor in Council may, by order made on the recommendation of the Minister, add or delete the name of any organization to or from the schedule. Payment of $500,000,000 From the Consolidated Revenue Fund, there may, on the requisition of the Minister of Finance made on the recommendation of the Minister, be credited to the Mackenzie Gas Project Impacts Fund payments not greater than, in the aggregate, $500,000,000. Condition for recommendation The Minister may only make the recommendation if the Mackenzie gas project has not been terminated and the Minister is of the opinion that progress is being made on the project.