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- 23.
Nonetheless, to allay Members' concern, the Administration agrees that before any money is transferred from the Toll Stability Fund to General Revenue under Clause 31(4), the Administration will first seek the views of the LegCo Transport Panel and provide a full explanation for such a transfer. The Administration also undertakes that should moneys be transferred out of the Toll Stability Fund to General Revenue under Clause 31(4) of the Bill, this will not lead to any toll increase resulting from there being insufficient money left in the Fund to defer toll increases for the remaining period of the franchise. In the unlikely event that there is insufficient money left in the Fund because of any such withdrawal, the Administration will initiate immediate action to transfer back the requisite sums from General Revenue to the Toll Stability Fund up to the amount that has been withdrawn.
Under Clause 31 of the Bill, the Toll Stability Fund Management Committee will be responsible for the administration and the application of the Fund for the purpose of deferring toll increases. Since the Fund will not be inexhaustible, an important task of the Committee would be to make the most effective use of the Fund in order to achieve toll stability over the entire franchise period. Whether the Fund should be used to defer a particular toll increase will depend on the amount of money in the Fund, the particular circumstances of the toll increase, and the possible need to use the Fund to defer future toll increases. The management and operation of the Fund will be highly transparent.
Clause 34 of the Bill requires the Management Committee to table in LegCo the audited statement of accounts of the Fund, the auditor's report if any, and a report by the Committee on the administration of the Fund not later than 31 December following the end of the relevant financial year. Let me assure Hon Members that in the event that the Toll Stability Fund Management Committee decides that the Fund should not be used to defer a particular toll increase application for any reason, the Administration will clearly explain the reasons for any such decision to the Legislative Council.
Committee Stage Amendments Agreed in the Bills Committee
Mr President, in the course of the Bills Committee's deliberations, a number of technical and textual amendments have been proposed. These amendments, which will be moved respectively by Mrs Miriam Lau, Mr Steven Poon and myself, will not affect the terms of the franchise as contained in the Bill. The Administration will support these amendments.