CROSS-HARBOUR TUNNEL.
Resolution made and passed by the Legislative Council on the 18th day of June 1969.
Resolved that this Council approves that Government shall enter into agreements, in such form as may be approved by the Financial Secretary, with the Cross-Harbour Tunnel Company (hereinafter referred to as "the Com- pany") to the effect set out in the First Schedule bereto and with Lloyd's Bank Lid. to the effect set out in the Second Schedule hereta and that such agreements shall be executed on behalf of the Hong Kong Government by the Financial Secretary.
FIRST SCHEDULE.
1. The Government will purchase at par. 25% of the Ordinary Shures and Loan Stock issued by the Company, subject to a maximum payment by the Government of HK$27.5 million,
2.
(a) That the sum of twelve million dollars to be paid by the Company to the Government in accordance with the provisions of section 13 of the Cross-Harbour Tunnel Ordinance 1969, shall be paid with interest.
(b) Thai the sum and interest referred to in sub-paragraph (a) shall be paid at such times and in such instalments as the Government and the Company may agree, save that no repayment shall be due until after the due date of repaymont by the Company of all amounts which may be due from the Company to Lloyd's Bank Limited, of 71, Lombard Street, London, under an agreement to be entered between the Company and Lloyd's Bank whereby the Company will borrow a sum not exceeding £14.75 million to finance the construction of the Cross-Harbour Tunnel.
SECOND SCHEDULE.
1. Government is to guarantee that, if the Company falla to pay any amounts due from the Company to Lloyd's Bank Ltd. (under the agreemeOL between the Company and Lloyd's Bank Ltd. mentioned in the First Schedule) Government will pay to Lloyd's Bank 25 per cent of such unpaid amounts.
COUNCIL CHAMBER,
18th June 1969.
Deputy Clerk of Councils.