XN000022-1994-05-18 — Page 26

WEDNESDAY, MAY 18, 1994

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BILL ON GREEN FUND INTRODUCED

FOR

A BILL SEEKING TO ESTABLISH A DEDICATED FUNDING SOURCE EDUCATIONAL, RESEARCH AND OTHER PROJECTS RELATING TO THR ENVIRONMENT AND OTHER CONSERVATION MATTERS AS WELL AS TO PRESCRIBE A STATUTORY FRAMEWORK FOR THE ADMINISTRATION AND CONTROL OF THE ENVIRONMENT AND CONSERVATION FUND WAS INTRODUCED INTO THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

ENVIRONMENT

AND

AND

OF

IN MOVING THE SECOND READING OF THE CONSERVATION FUND BILL, THE SECRETARY FOR PLANNING, ENVIRONMENT LANDS (SPEL), MR TONY EASON, SAID THE EXISTING SOURCES AND RANGE FUNDING FOR ENVIRONMENTAL, EDUCATION AND RESEARCH ACTIVITIES WERE UNCERTAIN AND INADEQUATE AND TENDED TO FOSTER AD HOC EFFORTS EXPENSE OF LONGER TERM AND MORE IN-DEPTH PROJECTS,

AT THE

AN

"THE GOVERNOR THEREFORE PROPOSED IN HIS 1993 POLICY ADDRESS INITIAL CAPITAL INJECTION BY THE GOVERNMENT OF $50 MILLION TO SET UP ÁN ENVIRONMENT AND CONSERVATION FUND TO SUPPORT ENVIRONMENTAL EDUCATION AND RESEARCH AND OTHER WORTHWHILE ENVIRONMENTAL PROJECTS, HE SAID.

**

THE BILL CREATES THE ENVIRONMENT AND CONSERVATION FUND AND DEFINES ITS OBJECTIVES AS WELL AS PROVIDES FOR THE INCORPORATION OF SPEL, IN THE CAPACITY OF A CORPORATION SOLE, BE THE TRUSTEE OF THE FUND.

THE BILL ALSO PROVIDES FOR THE SETTING UP OF AN ENVIRONMENT AND CONSERVATION FUND COMMITTEE TO ADVISE THE TRUSTEE ON THE USE OF THE

FUND.

"THE COMMITTEE WILL COMPRISE A NON-OFFICIAL CHAIRMAN AS WELL AS NON-OFFICIAL AND OFFICIAL MEMBERS.

"IN RECOMMENDING NON-OFFICIAL APPOINTMENTS, WE INTEND TO INCLUDE REPRESENTATIVES FROM A BROAD SPECTRUM OF INTERESTS INCLUDING THE GREEN GROUPS WHO WILL ALSO BE AMONG THE MAIN TARGETS OF FINANCIAL ASSISTANCE FROM THE FUND, MR EASON SAID.

-T

THE TRUSTEE IS REQUIRED TO TABLE BEFORE THE LEGISLATIVE COUNCIL ANNUALLY THE AUDITED STATEMENT OF ACCOUNTS AND HIS REPORT ON THE ADMINISTRATION OF THE FUND.

MR EASON NOTED THAT AS WITH MANY OTHER TRUST FUNDS ESTABLISHED FOR EDUCATIONAL OR CHARITABLE PURPOSES, THERE WAS A STANDARD PROVISION то ALLOW THE FINANCIAL SECRETARY TO CHARGE A SUPERVISION FEE OF NOT MORB THAN 2.5 PER CENT OF THE ANNUAL INCOME OF THE FUND ΤΟ RECOVER COSTS IN MANAGING THE FUND SHOULD THEY BECOME SIGNIFICANT.

"HOWEVER, IT IS NOT ENVISAGED THAT THERE WILL BE SIGNIFICANT ADMINISTRATIVE COSTS FOR ADMINISTERING THE ENVIRONMENT AND CONSERVATION FUND.

PROFESSIONAL

"IN THIS REGARD, THE BILL STIPULATES THAT THE COST OF ADMINISTERING THE FUND, OTHER THAN THE COST OF EMPLOYING ADVISORS, WILL BE CHARGED TO THE GENERAL REVENUE, MR BASON SAID.

DEBATE ON THE BILL WAS ADJOURNED.

0

"

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