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16
completion,
circumstances.
even in the event of relatively adverse
27.
It is pertinent to note that the position of the
of the airport project are
PAA/AA and the nature
Fundamentally different in many respects from the MTRC and
the airport rail project.
The PAA/AA, unlike the MTRC, is a
new corporation with ΠΟ financial track record. For the
airport project, pre-completion
significance than for the
isks are of greater
airport rail, since during this
period the PAA/AA will have no major revenues of its own to
cushion adverse events (in contast to the MTRC). On the
other hand,
after completion, the AA will have a relatively
secure revenue stream (inheriting Kai Tak's traffic) unlike the airport rail (where patronage levels are less certain).
11
28.
The
principles set
possible the
liabilities and
Government has been careful to ensure that the
out in the Outline Agreement avoid as far as
creation of open-ended or unquantifiable
contingencies either for the present or the
A copy of the outline Agreement is
The key elements are discussed below.
future Government.
attached at Annex B.
: