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This Act is current to February 27, 2024
See the Tables of Legislative Changes for this Act’s legislative history, including any changes not in force.

Tla'amin Final Agreement Act

[SBC 2013] CHAPTER 2

CHAPTER 18 — CAPITAL TRANSFER AND NEGOTIATION LOAN REPAYMENT

CAPITAL TRANSFER

1. Subject to paragraph 3, the Capital Transfer from Canada to the Tla'amin Nation, including the economic development fund and the fishing vessel fund, will be paid in accordance with Schedule 1 of this Chapter.

NEGOTIATION LOAN REPAYMENT

2. Subject to paragraph 4, the Tla'amin Nation will make negotiation loan repayments to Canada in accordance with Schedule 2 of this Chapter.

3. Canada may set off and deduct the amount of a negotiation loan repayment to be made under paragraph 2 from a payment to be made on the same date under paragraph 1, except to the extent that the negotiation loan repayment amount has been prepaid in accordance with paragraph 4.

PREPAYMENTS

4. In addition to any negotiation loan repayment required under paragraph 2, the Tla'amin Nation may make loan prepayments to Canada. All prepayments will be applied to the outstanding scheduled negotiation loan repayment amounts in consecutive order from the Effective Date. The Tla'amin Nation will notify Canada in writing of a prepayment at least 30 days before the date of that prepayment.

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

Future Value = Prepayment * (1+CR)K * (1+CR*H/365)

where,

"*"means multiplied by;
"/"means divided by;
"CR"is 4.635 per cent;
"K"is the number of complete years between the date of the prepayment and the "n" anniversary; and
"H"is one plus the number of days remaining in the period between the date of the prepayment and the "n" anniversary, once the number of complete years referred to in "K" above has been deducted.

6. Where the future value of the prepayment exceeds the outstanding amount of the negotiation loan repayment amount scheduled for the "n" anniversary, the excess will be deemed to be a prepayment made on the "n" anniversary so that the future value of the excess will be applied as of the next anniversary in a manner analogous to that described in paragraph 5.

7. On receipt of a loan prepayment, Canada will issue a letter to the Tla'amin Nation setting out the amount of the prepayment received and the manner in which it will be applied.

SCHEDULE 1 — CAPITAL TRANSFER PAYMENT PLAN

Part 1

DATE OF PAYMENTPROVISIONAL PAYMENT AMOUNT
Effective Date$3,611,877
First anniversary of Effective Date$3,611,877
Second anniversary of Effective Date$3,611,877
Third anniversary of Effective Date$3,611,877
Fourth anniversary of Effective Date$3,611,877
Fifth anniversary of Effective Date$3,611,877
Sixth anniversary of Effective Date$3,611,877
Seventh anniversary of Effective Date$3,611,877
Eighth anniversary of Effective Date$3,611,877
Ninth anniversary of Effective Date$3,611,877

Part 2 — Economic Development Fund

DATE OF PAYMENT  PROVISIONAL PAYMENT AMOUNT
Effective Date$6,942,405

Part 3 — Fishing Vessel Fund

DATE OF PAYMENT  PROVISIONAL PAYMENT AMOUNT
Effective Date$250,000

NOTES FOR FINALIZING SCHEDULE 1

These notes will not form part of this Agreement. The purpose of these notes is to enable the Parties to calculate on the Revision Date the amounts to be shown in the final version of this Schedule.

1. In these notes:

"FDDIPI" means the Final Domestic Demand Implicit Price Index for Canada, series D100466, published regularly by Statistics Canada in Matrix 10512: Implicit Price Indexes, Gross Domestic Product, or its replacement series as specified by Statistics Canada;

"Revision Date" means the date 30 days before the Effective Date, or another date agreed to by the Parties;

"Signing Date" means the date on which this Agreement is signed by the Parties after ratification of this Agreement by the Tla'amin Nation in accordance with paragraph 3 of the Ratification Chapter; and

"Transition Date" means the date that is 15 months after the Signing Date.

2. Where the period between the Signing Date and the Effective Date is 15 months or less, on the Revision Date each provisional payment amount in the Capital Transfer Payment Plan will be adjusted as follows:

provisional payment amount * M/L

where,

"*"means multiplied by;
"/"means divided by;
"M"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
"L"is the value of FDDIPI for the first quarter of 2010 published by Statistics Canada at the same time that the values used in M are published.

3. Where the period between the Signing Date and the Effective Date is greater than 15 months, on the Revision Date each provisional payment amount in the Capital Transfer Payment Plan will be adjusted as follows:

provisional payment amount * [(P/Q) * (1 + CR)Y * (1+CR*D/365)]

where,

"*"means multiplied by;
"/"means divided by;
"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 first quarter of 2010 published by Statistics Canada at the same time that the values used in P are published;
"CR"is 4.635 per cent;
"Y"is the number of complete years between the Transition Date and the Effective Date; and
"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.

Note: The purpose of this paragraph is to limit the period for which the Capital Transfer is adjusted by FDDIPI to the period that ends on the Transition Date, and to lengthen the period for which the Capital Transfer is adjusted by the calculation rate to the period between the Transition Date and the Effective Date.

4. On the Revision Date, following the adjustment made in accordance with either paragraph 2 or 3 of these notes:

a. the Capital Transfer Payment Plan will be amended to incorporate the adjusted figures;

b. the final amounts in the Capital Transfer Payment Plan will be divided into amounts that Canada will pay to the Tla'amin Nation; and

c. the headings in the Capital Transfer Payment Plan will be replaced by the following headings:

Part 1

PAYMENT AMOUNT
DATE OF PAYMENT  CANADA WILL PAY

Part 2 — Economic Development Fund

PAYMENT AMOUNT
DATE OF PAYMENT  CANADA WILL PAY

Part 3 — Fishing Vessel Fund

PAYMENT AMOUNT
DATE OF PAYMENT  CANADA WILL PAY

SCHEDULE 2 — NEGOTIATION LOAN REPAYMENT PLAN

REPAYMENT DATE  PROVISIONAL NEGOTIATION
LOAN REPAYMENT AMOUNT
Effective Date$1,167,829
First anniversary of Effective Date$1,167,829
Second anniversary of Effective Date$1,167,829
Third anniversary of Effective Date$1,167,829
Fourth anniversary of Effective Date$1,167,829
Fifth anniversary of Effective Date$1,167,829
Sixth anniversary of Effective Date$1,167,829
Seventh anniversary of Effective Date$1,167,829
Eighth anniversary of Effective Date$1,167,829
Ninth anniversary of Effective Date$1,167,829

NOTES FOR FINALIZING SCHEDULE 2

These notes will not form part of this Agreement. The purpose of these notes is to enable the Parties to calculate on the Revision Date the amounts to be shown in the final version of this Schedule.

The provisional loan repayment amounts are based on total outstanding negotiation loans and interest accrued up to March 31, 2010. Final negotiation loan repayment amounts, including any further loans made and interest accrued after March 31, 2010, will be calculated and included in the final Negotiation Loan Repayment Plan in accordance with the following notes.

1. In these notes:

"Revision Date" has the same meaning as in Schedule 1 of this Chapter.

2. Prior to the Revision Date, Canada and the Tla'amin Nation will jointly produce a document capturing the final loan and interest amounts as at the Effective Date and setting out the amounts of all loans from Canada to the Sliammon Indian Band, all interest accrued to date and the relevant terms and conditions of those loans.

3. On the Revision Date, the provisional negotiation loan repayment amounts in the Negotiation Loan Repayment Plan will be adjusted to final negotiation loan repayment amounts by:

a. determining the amount of the additional negotiation loans made by Canada to the Sliammon Indian Band which were not included in the calculation of the provisional negotiation loan repayment amounts and any additional interest accrued since the provisional negotiation loan and interest amounts were calculated; and

b. pro-rating the additional amounts determined under subparagraph 3.a of these notes over the Negotiation Loan Repayment Plan such that the final repayment amounts are equal amounts, using as an interest rate 4.635% per year beginning at the Effective Date and compounded annually, which is the same rate of interest that was used to establish the provisional Negotiation Loan Repayment Plan.

4. On the Revision Date, following the adjustment performed in accordance with paragraph 3 of these notes, the Negotiation Loan Repayment Plan will be amended to incorporate the adjusted figures and the headings in the Negotiation Loan Repayment Plan will be replaced by the following headings:

REPAYMENT DATE  NEGOTIATION LOAN
REPAYMENT AMOUNT

Contents | Sections 1 to 28 | Schedule - Contents | Schedule - Preamble | Schedule - Chapter 1 | Schedule - Chapter 2 | Schedule - Chapter 3 | Schedule - Chapter 4 | Schedule - Chapter 5 | Schedule - Chapter 6 | Schedule - Chapter 7 | Schedule - Chapter 8 | Schedule - Chapter 9 | Schedule - Chapter 10 | Schedule - Chapter 11 | Schedule - Chapter 12 | Schedule - Chapter 13 | Schedule - Chapter 14 | Schedule - Chapter 15 | Schedule - Chapter 16 | Schedule - Chapter 17 | Schedule - Chapter 18 | Schedule - Chapter 19 | Schedule - Chapter 20 | Schedule - Chapter 21 | Schedule - Chapter 22 | Schedule - Chapter 23 | Schedule - Chapter 24 | Schedule - Chapter 25 | Schedule - Chapter 26 | Appendix - Contents | Appendix - Introduction | Appendix - Appendix A | Appendix - Appendix B | Appendix - Appendix C | Appendix - Appendix D | Appendix - Appendix E | Appendix - Appendix F | Appendix - Appendix G | Appendix - Appendix H | Appendix - Appendix I | Appendix - Appendix J | Appendix - Appendix K | Appendix - Appendix L | Appendix - Appendix M | Appendix - Appendix N | Appendix - Appendix O | Appendix - Appendix P | Appendix - Appendix Q | Appendix - Appendix R | Appendix - Appendix S | Appendix - Appendix T | Appendix - Appendix U | Appendix - Appendix V | Appendix - Appendix W | Appendix - Appendix X