The First Nations Tax Commission commends participating First Nations and the First Nations Finance Authority (FNFA) on the historic announcement of the first debenture ever secured by First Nation governments under the borrowing framework of the FMA.
Congratulations to these First Nations:
- Cowichan Tribes First Nation
- Membertou First Nation
- Nipissing First Nation
- Osoyoos Indian Band
- Penticton Indian Band
- Songhees First Nation
- Splatsin First Nation
- St. Theresa Point First Nation
- Taku River Tlingit First Nation
- We Wai Kai Nation
- Wet’suwet’en First Nation
“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,”said FNTC Chief Commissioner C.T. (Manny) Jules.
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.
The inaugural bond issue represents a major breakthrough for First Nation self-governance. The capital raised by the debenture will be used by the First Nations to build and make improvements to roads, water and waste systems, as well as improve power/lighting and public buildings.]]>