It will be funded by a portion of non-renewable resource revenue and sale of large government assets
Coady said they looked at the other jurisdictions in Canada that have these funds, as well as internationally, and went with a board of trustees as opposed to creating a Crown corporation to make sure the fund would be best in line with the financial requirements of the government. Some of the same people on the board would be involved with other aspects of the province's debt and finances, she said, which they felt was important.
Money can be withdrawn from the fund for five different reasons, with restrictions on some. For the first 10 years, it can only be withdrawn for two reasons: to service the public debt or to pay an amount required because of an “extraordinary circumstance.” After the fund has been in place for 10 years it can be used for three other reasons. Money can be withdrawn to pay expenses that later arise from the sale of a Crown asset, to pay any amounts relating to abandonment and decommissioning activities under an oil lease or licence, or to “fund strategic priorities.”
“As the legislation requires, funds will remain in the Future Fund to accumulate and get the compound interest for the next 10 years except to pay down on debt or if we have an extraordinary circumstance,” she said.
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