19
b)
Shortfall
Real
Estate Revenues
shortfall
in
real
estate
a.
revenues from pre-completion
developments below the level.
forecast in the 'base case'; and
c).
Project Delay
to the extent
is
insufficient
that,
support will be called only
that the surplus from Kai Tak
to cover additional costs
arising from delay. Current estimates show
in the "low case", the Kai Tak surplus,
including revenues from a passenger terminal
charge, is likely to be adequate to cover all
the additional costs involved.
34.
equity
It is
would
highly unlikely that any of the callable
be drawn down beyond the target date for the
airport in
opening on time,
opening of the
airport
represented by callable
mid-1997. In the event of the
liability
the
contingent
equity would fall away totally in
June 1997. In the event of project delay, cashflow analysis
indicates that revenues from the Kai Tak surplus and a
passenger terminal charge of as much as $100 (at March 1991
prices) would be sufficient to enable the Authority to meet
all its debt service obligations (as illustrated in Annex
C).
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