Extra Debt

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Extra Debt is my term for additional money the GNWT has been forced to provide to cover the cost of construction, above the $165 million from the bond issue. To date there have been three separate cash injections from GNWT funds, totalling around $36 million.

$15.9 million dollars was added in 2010 at the time the GNWT took over the project, to cover cost overruns. The money was appropriated in a supplemental budget bill that passed on February 26, 2010.

In December 2011, the new Transportation minister, David Ramsay, indicated that the GNWT's 2012-2013 capital estimates included an additional amount, roughly $10 million, to cover overruns and other costs associated with the Steel Delay and other issues.

In June 2012, Minister Ramsay indicated that an additional $10 million would be requested to ensure completion of construction and a bridge opening in November 2012 (Ruskin Delay 2012).