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This Act is current to November 11, 2020
See the Tables of Legislative Changes for this Act’s legislative history, including any changes not in force.

Despite the above date, the Schedule to the Act, including the Map of Nisa'a Lands and the Appendices, is current to May 11, 2000. See "Amending Agreements" for amendments to the Schedule.

Nisa'a Final Agreement Act

[SBC 1999] CHAPTER 2

CHAPTER 14

PROVISIONAL SCHEDULE OF CAPITAL TRANSFER AMOUNTS

CAPITAL TRANSFER

1. Subject to paragraph 4, Canada and British Columbia will each pay their respective capital transfer amounts to the Nisa'a Nation, in accordance with Schedule A.

NEGOTIATION LOAN REPAYMENT

2. Subject to paragraph 3, the Nisa'a Nation will pay loan repayment amounts to Canada in accordance with Schedule B.

3. The Nisa'a Nation may pay to Canada, in advance and on account, without bonus or penalty, amounts that will be credited against the loan repayment amounts in the manner described in Schedule B.

4. Canada may deduct from a capital transfer amount that it would otherwise be required to pay to the Nisa'a Nation on a scheduled date in accordance with Schedule A, any loan repayment amount, or portion thereof, that the Nisa'a Nation would otherwise be required to pay to Canada in accordance with Schedule B on that scheduled date, except to the extent that the loan repayment amount has been prepaid in accordance with paragraph 3.

SCHEDULE A — PROVISIONAL SCHEDULE OF CAPITAL TRANSFER AMOUNTS

 AMOUNTS
DATECANADA
WILL PAY
BRITISH COLUMBIA
WILL PAY
On the effective date  
On the first anniversary  
On the second anniversary  
On the third anniversary  
On the fourth anniversary  
On the fifth anniversary  
On the sixth anniversary  
On the seventh anniversary  
On the eighth anniversary  
On the ninth anniversary  
On the 10th anniversary  
On the 11th anniversary  
On the 12th anniversary  
On the 13th anniversary  
On the 14th anniversary  

In this schedule "anniversary" means an anniversary of the effective date.

Note 1 and Note 2 to this Schedule will be deleted, and will no longer form part of this Agreement, when this Schedule is completed in accordance with those Notes and the effective date occurs.

Note 1 to Schedule A
The Parties will calculate on the calculation date the amounts to be shown in the provisional schedule of capital transfer amounts in accordance with this Note.

The Canada and British Columbia capital transfer amounts for the effective date will sum to $22.0 million.

The Canada and British Columbia capital transfer amounts for the first anniversary will sum to $22.0 million.

The Canada and British Columbia capital transfer amounts will sum to $13.0 million for each of the second, third, fourth, fifth, sixth, and seventh anniversaries.
The capital transfer amounts for the eighth to fourteenth anniversaries, inclusive, will be calculated on the calculation date as follows:

all seven of the Canada capital transfer amounts will be equal amounts and each will be calculated so that the net present value, calculated on the calculation date, of all of the Canada capital transfer amounts in the provisional schedule of capital transfer amounts, discounted back to the beginning of the provisional schedule of capital transfer amounts, and using the calculation rate as the discount rate, will equal $175,554,200 multiplied by M and divided by L; and

all seven of the British Columbia capital transfer amounts will be equal amounts and each will be calculated so that the net present value, calculated on the calculation date, of all of the British Columbia capital transfer amounts in the provisional schedule of capital transfer amounts, discounted back to the beginning of the provisional schedule of capital transfer amounts, and using the calculation rate as the discount rate, will equal $14,445,800 multiplied by M and divided by L

where L, M, the calculation date and the calculation rate are defined in Note 2 to this schedule.

On each scheduled date, the Canada capital transfer amount will be approximately 92.4 per cent of the sum of the Canada capital transfer amount and the British Columbia capital transfer amount, and the British Columbia capital transfer amount will be approximately 7.6 per cent of the same sum.

Note 2 to Schedule A

The Parties will calculate on the revision date the amounts to be shown in the final version of this schedule in accordance with this Note and will delete the word "PROVISIONAL" from the title of this schedule.

In this note "signing of the Nisa'a final agreement" means signing by the Parties after the ratification by the Nisa'a Nation in accordance with paragraph 2 of the Ratification Chapter.
If, within fifteen months after the signing of the Nisa'a final agreement, the Parliament of Canada has not enacted settlement legislation to give effect to the Nisa'a final agreement, Part B of this note will apply. Otherwise, Part A will apply. In either event, the following will apply:

"*" means multiplied by, and "/" means divided by;

CR is the calculation rate;

L is the value of FDDIPI for the fourth quarter of 1995 published by Statistics Canada at the same time as the value used in M is published;

M is the first published value of FDDIPI for the latest calendar quarter for which Statistics Canada has published a FDDIPI before the calculation date;

FDDIPI is the Final Domestic Demand Implicit Price Index for Canada, series D15613, published regularly by Statistics Canada in Matrix 6544: Implicit Price Indexes, Gross Domestic Product;

the calculation date is a date 14 days before the signing of the Nisa'a final agreement, or another date if the Parties agree, and is the same calculation date as that referred to in Schedule B; and

the revision date is a date 14 days before the effective date, or another date if the Parties agree, and is the same revision date as that referred to in Schedule B.

Part A of Note 2
On the revision date, the final schedule of capital transfer amounts will be prepared by amending each amount in this provisional schedule as follows:

amount in provisional schedule * (L/M) * (N/O)

where:

N is the first published value of FDDIPI for the latest calendar quarter for which Statistics Canada has published a FDDIPI before the revision date, and

O is the value of FDDIPI for the fourth quarter of 1995 published by Statistics Canada at the same time as the value used in N is published.

Part B of Note 2
On the revision date, the final schedule of capital transfer amounts will be prepared by amending each amount in the provisional schedule as follows:

amount in provisional schedule * (L/M) * (P/Q) * (1 + CR)Y * (1 + CR * D/365)

where:

P is the first published value of FDDIPI for the latest calendar quarter for which Statistics Canada has published a FDDIPI before the transition date,

Q is the value of FDDIPI for the fourth quarter of 1995 published by Statistics Canada at the same time as the value used in P is published,

Y is the number of complete years between the transition date and the effective date,

D is the number of days remaining in the period between the transition date and the effective date, after deducting the complete years in that period that have been taken into account in the determination of Y,

the transition date is the date that is 15 months after the date of the signing of the Nisa'a final agreement, and

the calculation rate is x.xxx per cent per year.

[The rate to be inserted in the definition of calculation rate is the most recently released rate of interest, as of the calculation date, that the Minister of Finance for Canada has approved on loans from the Consolidated Revenue Fund amortized over 14 years, less 0.125 per cent (specified to three decimal places of a per cent).]

This paragraph is for information purposes and not for calculation purposes. The approximate effects of applying Part B are to limit the period for which the capital transfer is adjusted by FDDIPI to the period that ends on the date that is 15 months after the signing of the Nisa'a final agreement, and to lengthen the period for which the capital transfer is adjusted by the calculation rate to the period between the date that is 15 months after the signing of the Nisa'a final agreement and the effective date.

SCHEDULE B — LOAN REPAYMENT AMOUNTS

On the effective date0
On the first anniversary0
On the second anniversary$2,000,000
On the third anniversary$2,000,000
On the fourth anniversary$2,000,000
On the fifth anniversary$2,000,000
On the sixth anniversary$2,000,000
On the seventh anniversary$2,000,000
On the eighth anniversaryto be calculated on revision date
On the ninth anniversaryto be calculated on revision date
On the 10th anniversaryto be calculated on revision date
On the 11th anniversaryto be calculated on revision date
On the 12th anniversaryto be calculated on revision date
On the 13th anniversaryto be calculated on revision date
On the 14th anniversaryto be calculated on revision date

In this schedule "anniversary" means an anniversary of the effective date.

PREPAYMENTS

In addition to any required loan repayment amount, at each anniversary, and up to three times during the first nine months after an anniversary, the Nisa'a Nation may make loan prepayments to Canada. All prepayments will be applied to the outstanding scheduled loan repayment amount(s) in consecutive order from the effective date.

The "r" anniversary at which a prepayment is to be applied is the earliest anniversary for which a scheduled loan repayment amount, or a portion thereof, remains outstanding. Any loan prepayment applied to an outstanding loan repayment amount, or to a portion thereof, will be credited to the Nisa'a Nation at its future value, as of the "r" anniversary, determined in accordance with the following formula:

Future Value = Prepayment * (1 + calculation rate)Zr * (1 + calculation rate * E/365)

where:

"*" means multiplied by, and "/" means divided by,

Zr is the number of complete years between the date of the prepayment and the "r" anniversary,

E is one plus the number of days between the date of the prepayment and the "r" anniversary, once the number of complete years referred to in "Zr" above has been deducted, and

the calculation rate is x.xxx per cent per year.

[The rate to be inserted in the definition of the calculation rate is the most recently released rate of interest, as of the calculation date, that the Minister of Finance for Canada has approved on loans from the Consolidated Revenue Fund amortized over 14 years, less 0.125 per cent (specified to three decimal places of a per cent). The calculation date is a date 14 days before the signing of the Nisa'a final agreement, or another date if the Parties agree, and is the same calculation date as that referred to in Schedule A. In this paragraph "signing of the Nisa'a final agreement" means signing by the Parties after the ratification by the Nisa'a Nation in accordance with paragraph 2 of the Ratification Chapter. This bracketed paragraph will be deleted on the date that Note 1 to this schedule is deleted.]

If the future value of the prepayment exceeds the outstanding amount of the loan repayment amount scheduled for the "r" anniversary, the excess will be deemed to be a prepayment made on the "r" anniversary so that the future value of the excess will be applied as of the next "r" anniversary in a manner analogous to that described in this paragraph.

On receipt of a loan prepayment, Canada will issue a letter to the Nisa'a Nation setting out the amount of the prepayment received and the manner in which it will be applied in accordance with this "Prepayments" section of this schedule.

Illustrative Example:

Hypothetical calculation rate = 10.000%

Annual equal payments of $100.00

Prepayment = $100, made in year four at day 182

Fifth anniversary payment has been previously prepaid

Amount owing at fifth anniversary = $0.00

Amount owing at sixth anniversary = $100.00

 

Therefore:

Zr = 1

E = 184

r = 6

 

Future Value of prepayment made in year four at day 182 = $100.00 * (1+0.10000)1 * (1 + 0.10000 * 184/365) = $115.55

Amount prepaid for sixth anniversary = $100.00

Amount in excess for sixth anniversary = $115.55 – $100.00 = $15.55

Future value of $15.55 as of the seventh anniversary = $15.55 * (1 + 0.10000)1 * (1 + 0.10000 * 0/365) = $17.11

Amount prepaid for seventh anniversary = $17.11

 

The prepayment made at day 182 in year four has eliminated the loan repayment amount for the sixth anniversary and reduced the loan repayment amount for the seventh anniversary from $100.00 to $82.89.

Note 1 to this Schedule will be deleted, and will no longer form part of this Agreement, when this Schedule is completed in accordance with the Note and the effective date occurs.

Note 1 to Schedule B

Canada will calculate in accordance with this note the actual loan repayment amounts for the eighth to 14th anniversaries inclusive to be inserted on the revision date in the final version of this schedule. In the final version of this schedule the loan repayment amounts for the effective date, and for the first to seventh anniversaries inclusive, will remain as set out in the initial version of this schedule.

The revision date is a date 14 days before the effective date, or another date if the Parties agree, and is the same revision date as that referred to in Schedule A.

On the revision date, Canada will calculate the amounts in the final schedule of loan repayment amounts for the eighth to 14th anniversaries, inclusive. These seven amounts will be equal amounts and each will be such that the net present value of all of the amounts in the final schedule of loan repayment amounts, discounted back to the effective date using the calculation rate (as described in the "Prepayment" section of this Schedule B) as the discount rate, will equal the loan amount.

In this schedule, the loan amount means the aggregate outstanding balance, at the effective date, of all negotiation and support loans, including principal and accrued interest, made by Canada to the Nisa'a Tribal Council.

Canada will calculate the loan amount, based on a document that Canada and the Nisa'a Tribal Council will produce jointly before the initialling of the Nisa'a final agreement. That document will set out the amounts of all loans from Canada to the Nisa'a Tribal Council, interest accrued to date and the relevant terms and conditions of those loans.

The document referred to in the previous paragraph will be available from either the Nisa'a Tribal Council or the Federal Treaty Negotiation Office of the Department of Indian Affairs and Northern Development, upon request, as of the date of initialling of the Nisa'a final agreement, to persons eligible to be enrolled as participants under that agreement.

For information purposes (and not for calculation purposes), the approximate amount of outstanding loans, including principal and accrued interest, as of the date that settlement legislation is introduced in Parliament, will be inserted in the following blank space before that date: ____________.

Contents | Sections 1-70 | Schedule - Table of Contents | Preamble | Chapter 1 | Chapter 2 | Chapter 3 | Chapter 4 | Chapter 5 | Chapter 6 | Chapter 7 | Chapter 8 | Chapter 9 | Chapter 10 | Chapter 11 | Chapter 12 | Chapter 13 | Chapter 14 | Chapter 15 | Chapter 16 | Chapter 17 | Chapter 18 | Chapter 19 | Chapter 20 | Chapter 21 | Chapter 22 | Schedule - Map of Nisga'a Lands | Appendix - Contents | Appendix - Introduction | Appendix A | Appendix B | Appendix C | Appendix D | Appendix E | Appendix F | Appendix G | Appendix H | Appendix I | Appendix J | Appendix K | Appendix L | Appendix M