Atlantic Accord
One of his most notable achievements was negotiating with the federal government to implement the Atlantic Accord, a multi-decade regional development program that had been approved in principle during the late 1980s to prevent provincial government offshore oil and gas royalties from being included in calculations for the federal equalization program. This resulted in an $830 million payment in 2005 from the federal government, which Hamm applied against the principal on the province's long term debt, thereby reducing debt servicing payments by over $50 million annually.
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Famous quotes containing the words atlantic and/or accord:
“Obscurest night involv’d the sky,
Th’ Atlantic billows roar’d,
When such a destin’d wretch as I,
Wash’d headlong from on board,
Of friends, of hope, of all bereft,
His floating home for ever left.”
—William Cowper (1731–1800)
“Where might is mixed with wit, there is too good an accord in a government.”
—Elizabeth I (1533–1603)