6
the operation of the road tunnel, for by-laws to be
drafted for the approval of this Council, for tolls to be
charged and for the processing of suspected traffic
offences within the tunnel. As with the procedure for
setting tolls for the Cross Harbour Tunnel, the initial
tolls have been established and are recorded in the
Schedule to the Bill. They can only be altered with the
agreement of the Governor-in-Council, or failing
agreement, following arbitration.
Part XI provides for
the operation of the rail tunnel by the Mass Transit
Railway Corporation. Part XII provides for the revocation
of the franchises, the key points being that in the event
of default the creditors of the companies will be given
first option for making suitable arrangements for
overcoming default and only in the event of their failure
would revocation take place. This departure from
provisions in the Cross Harbour Tunnel Ordinance was seen
as necessary to assist in the raising of Project finance
and increasing the confidence of potential lenders.
finally in Part XIII there is provision for appeal to the
Governor-in-Council against any requirements imposed by
authorities under this Ordinance, and with respect to the
construction elements in a dispute with the Director where
failure of the appeal would place the companies in
default, the Governor will refer such a dispute to
arbitration.
And
10.
adjourned.
Sir, I move that debate on this motion be