KAMLOOPS, BC, June 20, 2014 /CNW/ - First Nations Tax Commission commends participating First Nations and the First Nations Finance Authority (FNFA) on yesterday's historic announcement of the first debenture ever secured by First Nation governments under the borrowing framework of the First Nations Fiscal Management Act (FMA).
"I offer my congratulations to the FNFA and the 14 First Nations that are part of this original debenture. You are making history. Your leadership is clearing the path in our communities for improved infrastructure and economic growth. I especially want to congratulate Deanna Hamilton for her work to establish and build the FNFA," said FNTC Chief Commissioner C.T. (Manny) Jules who has worked with the FNFA since 1993 to create the FMA and enhance First Nation access to long-term financing.
The announcement reflects over 20 years of tireless work by the FNFA, the First Nations Tax Commission, the First Nations Financial Management Board and a number of First Nations to develop the legislation, establish the borrowing framework and secure long-term financing for these initial pool of borrowers.
"This is a proud moment for all First Nation governments and their citizens, and is particularly fitting on the eve of Aboriginal Day. I know it will lead to growth in the number of First Nations participating in the FMA."
The FMA, which received royal assent in March 2005, provides First Nations with long-term infrastructure financing options previously only available to other governments in Canada including debentures, development cost charges and taxation for local improvements.
Lack of long-term financing is a significant contributing factor to the infrastructure gap faced by many First Nations. The FMA levels the infrastructure financing field for First Nations so they can build the infrastructure necessary to grow their independent economies and revenues.
SOURCE: First Nations Tax Commission
For further information: Juli Holloway, Communications Officer, First Nations Tax Commission, Phone: 250.828.9857