WESTERN HARBOUR CROSSING BILL GAZETTED
FRIDAY, JUNE 25, 1993
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THE GOVERNMENT HAS TODAY (FRIDAY) GAZETTED THE WESTERN CROSSING BILL, WHICH PROVIDES FOR THE AWARD OF A 30-YEAR FRANCHISE
HARBOUR
WESTERN HARBOUR TUNNEL COMPANY LTD ON A BUILD, OPERATE, AND TRANSFER (BOT) BASIS.
THE BILL WILL RECEIVE ITS FIRST AND SECOND READINGS IN LEGISLATIVE COUNCIL ON JUNE 30.
ANNOUNCING THE DETAILS OF THE FRANCHISE FOR TRANSPORT, MR KY YEUNG, SAID:
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TODAY, THE SECRETARY
"THIS IS A VITALLY IMPORTANT PROJECT WHICH WE NEED TO AHEAD WITH VERY QUICKLY. CONSTRUCTION CAN ONLY START AFTER LEGISLATION HAS BEEN ENACTED, SO WE HOPE THAT THE LEGISLATIVE WILL GIVE ITS APPROVAL BEFORE THE END OF THE PRESENT SESSION.
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COUNCIL
"WE HAVE NEGOTIATED A PRIVATE SECTOR FRANCHISE WHICH PROVIDES US WITH A DUAL THREE-LANE THIRD HARBOUR CROSSING AT NO EXPENSE TO PUBLIC PURSE.
THE IT SAFEGUARDS THE PUBLIC INTEREST BY INTRODUCING REASONABLE AND STABLE TOLL REGIME.
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"AT THE SAMR TIME, THE STABLE TOLL REGIME PROVIDES THE FRANCHISEE WITH GOOD PROSPECTS FOR A REASONABLE RATE OF RETURN ON INVESTMENT.
HIS WE REGARD THIS AS THE BEST WAY OF SECURING SECTOR INVESTMENT FOR MAJOR INFRASTRUCTURE
PRIVATE FRANCHISES. OUR AÐVERERS TELL US WE COULD NOT DO BETTER.
FINANCIAL
"I AM CONFIDENT THAT THIS PROJECT CAN BE COMPLETED ON BY JUNE 1997," SAID MR YEUNG.
"THERE IS A FOUR-YEAR CONSTRUCTION PERIOD, WHICH COMES THE 30-YEAR LIFE OF THE FRANCHISE.
SCHEDULE
WITHIN
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"IF THE BILL IS PASSED BY LEGCO THIS SESSION, CONSTRUCTION START IN AUGUST AND, JUDGING BY PAST EXPERIENCE IN HONG KONG, THE CONTRACTOR IS LIKELY TO COMPLETE THE PROJECT AHEAD OF SCHEDULE.
"THIS PROJECT IS GOOD FOR THE FUTURE OF HONG KONG. IT' IS ESSENT LAL PART OF THE AIRPORT CORE PROGRAMME BECAUSE IT PROVIDES A VITAL LINK BETWEEN HONG KONG ISLAND AND WEST KOWLOON.
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IT WELL. RELIEVE CONGESTION AT THE EXISTING CROSS-HARBOUR TUNNELS AND WILL CONTRIBUTE
MEETING HONG KONG'S LONG TRANSPORT NEEDS," SAID MR YEUNG.
TERM
MR YEUNG SAID THE GOVERNMENT HAD MET THE CONCERNS AIRED BY LEGISLATIVE COUNCIL MEMBERS DURING EARLIER CONSULTATIONS.
THEY HAD SAID THE GOVERNMENT SHOULD OBTAIN BENEFICIAL TERMS, THAT THE PROJECT COST SHOULD BE REASONABLE, AND THAT THERE SHOULD ENVIRONMENTAL SAFEGUARDS.
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/THE CONSTRUCTION