WEDNESDAY, MAY 6, 1987
INDEPENDENT CORPORATION FOR OCEAN PARK
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AN INDEPENDENT STATUTORY CORPORATION WOULD BE ESTABLISHED TO OVERSEE THE OPERATION OF THE OCEAN PARK, THE SECRETARY FOR DISTRICT ADMINISTRATION, THE HON DONALD LIÃO, TOLD THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
MOVING THE SECOND READING OF THE OCEAN PARK CORPORATION
BILL MR LIAO SAID THE BASIC OBJECTIVE OF THE BILL WAS TO PROVIDE FOR THE DISENGAGEMENT OF THE ROYAL HONG KONG JOCKEY CLUB FROM THE OCEAN PARK LIMITED.
♦THE ROYAL HONG KONG JOCKEY CLUB HAS PROPOSED TO DIVEST ITSELF OF THE OCEAN PARK LIMITED WITH A CASH ENDOWMENT OF $200 MILLION.
✦THE ENDOWMENT WILL BE PAID INTO A STATUTORY FUND, THE OCEAN PARK TRUST FUND, WHICH WILL BE ADMINISTERED BY A BOARD OF DIRECTORS OF THE OCEAN PARK CORPORATION, COMPRISING A CHAIRMAN, A DEPUTY CHAIRMAN AND FIVE OTHER MEMBERS, TO BE APPOINTED BY THE GOVERNOR, MR LIAO SAID.
THE BOARD WOULD BE RESPONSIBLE FOR MANAGING AND DEVELOPING OCEAN PARK AS A PUBLIC RECREATIONAL AND EDUCATIONAL PARK AND EMPOWERED TO INVEST MONEYS OF THE FUND, AS PROVIDED FOR IN THE TRUSTEE ORDINANCE, HE ADDED.
+AN INDEPENDENT EVALUATION OF THE FUTURE FINANCIAL VIABILITY OF OCEAN PARK FOR THE FIVE-YEAR PERIOD UP TO JUNE 30, 1991 WAS UNDERTAKEN BY CONSULTANTS APPOINTED BY GOVERNMENT IN NOVEMBER LAST YEAR.
+THE CONSULTANTS CONFIRMED THAT OCEAN PARK WOULD BE ABLE TO SUPPORT ITS PROPOSED PROGRAMME OF CAPITAL IMPROVEMENTS AND TO MAINTAIN A POSITIVE CASH BALANCE AT THE END OF EACH FINANCIAL YEAR, PROVIDED THAT THE EXISTING ATTENDANCE LEVELS COULD BE SUSTAINED AND ASSUMING A MINIMUM OF EIGHT PER CENT RETURN ON INVESTMENTS OF THE FUND, MR LIAO SAID.
THE OCEAN PARK CORPORATION ORDINANCE WOULD COME INTO OPERATION ON A DATE TO BE APPOINTED BY THE GOVERNOR SO AS TO COINCIDE WITH APPOINTMENT OF THE BOARD OF THE OCEAN PARK AND THE RECEIPT OF THE CASH ENDOWMENT FROM THE ROYAL HONG KONG JOCKEY CLUB, MR LIAO SAID.