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- 2 -
The
of the annual cost of the garrison falls in each month of the year.
instalment to be paid at the end of June 1976 will include the adjustments
so calculated up to 1st April 1976. Subsequent instalments will include the
adjustments in relation to both the quarter of payment and the immediately
preceding quarter. After the end of the period of the Agreement a calculation
will be made of any further adjustments needed and a final settlement will
take place.
4.
dollars.
All payments by the Hong Kong Government will be made in Hong Kong
Where these payments relate to components of cost expressed in
sterling in Annex B, the conversion will be made at the average rate of exchange
for the quarter.
5.
The United Kingdom and Hong Kong Governments will from time to time
agree and the Hong Kong Government will undertake and, in the first instance,
meet the expenditure on a programme of capital works, to provide adequate
facilities for the garrison and to facilitate the release of land surplus to
the requirements of the garrison. The programme, which may include purchases
of buildings for the garrison, will be carried out to normal United Kingdom
standards and scales in Hong Kong. Expenditure will be spread as evenly
as practicable over the period of the Agreement.
the programme will be not less than $
adjusted in accordance with Annex B.
will be
remaining
in paragraph 3.
Estimated expenditure under
nor more than $
The Hong Kong Government contribution
% of the actual expenditure under the programme and the
% will be set off against the quarterly payments provided for
G.F. 316
6.
By agreement, the Property Services Agency may undertake capital works
for the convenience of either the Hong Kong Government or the United Kingdom
Government.
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17.