Members of Council sign the documents establishing the Legacy Trust on Feb. 7, 2017. Photo courtesy Chief & Council – Beardy’s & Okemasis First Nation, Facebook.
A hefty sum of $4.5 million is heading into Beardy’s and Okemasis First Nation’s coffers this month, and the band’s chief and council say they have a long-term plan to use that money to strengthen the community.
The money is coming to the reserve in mid-February in relation to legal action Beardy’s and Okemasis took against the federal government over treaty annuity payments that were withheld between 1885 and 1888 because Canada labeled Beardy’s and Okemasis as “rebel Indians” in relation to their participation in the Riel Resistance. A Specific Claims Tribunal ruled in favour of Beardy’s and Okemasis in late December and announced the band would receive a $4.5 million settlement.
Band council established the Legacy Trust at a Feb. 7 meeting, with plans to use the money to secure a $3.5 million business development loan to finance the site re-development of Blackhawks Esso.
A statement on Beardy’s website says the band plans also to “leverage the borrowing power of the Legacy Trust to re-finance an existing consolidation loan with First Nations Bank of Canada to the amount of approximately $2.3 million to get a lower interest rate.
Band Councillor Kevin Seeseequasis says by putting money in trust, they plan to strengthen Beardy’s for the next seven generations.
“It means that there will be a lot of opportunity for our First Nation: it means that we will have increased borrowing power, it means that we’ll be able to work to increase our economic development in our community which in turn means more own source revenue, it also means more jobs for community members, sustainable jobs,” he said.
The Beardy’s online statement says band members identified two critical factors, the first being the immediate financial needs of the band’s people and the second being “protecting our Nation’s future,” and tried to strike a balance between the two.
As such, each registered band member will receive a $250 per-capita payment on March 2 and 3.
“I’ve seen lots of posts about going to the city to look for work, I’ve seen posts about providing for their families and buying some groceries and paying those bills. So it’s those day-to-day things we hope to alleviate some of those pressures in the community,” Seeseequasis said.