City of Brisbane Act Amendment Act 1982 (Qld)

644 ( utenslau 1 ANNO TRICESIMO PRIMO ELIZABETHAE SECUNDAE REGINAE No. 38 of 1982 An Act to amend the City ofBrisbaneAct 1924- 1980 in certain particulars [ ASSENTED TO 15TH SEPTEMBER, 1982]

City of Brisbane Act Amendment Act 1982, No. 38 645 BE IT ENACTED by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows:- 1. Short title . (1) This Act may be cited as the City of Brisbane Act Amendment Act 19K. (2) In this Act the City of Brisbane Act1924-1980 is referred to as the Principal Act. (3) The Principal Act as amended by this Act may be cited as the City of Brisbane Act1924-1982. 2. Amendment of s. 40 . Section 40 of the Principal Act is amended by- (a) in subsection (1), (i) omitting the provisions (a), (b), (c) and (d) and substituting the following words:- (a) a City Fund; (b) a Loan Fund; (c) a Trust Fund; (d) a Separate Fund in respect of each separate rate levied; (e) a Reserve Fund if the Council so resolves. (ii) omitting from the paragraph commencing " Separate banking accounts " the words " and Trust Fund " and substituting the words ", Trust Fund and Reserve Fund (if any) "; (b) in subsection (2), (i) omitting the first paragraph and substituting the following paragraph:- City Fund . The City Fund shall consist of- (a) all moneys received by the Council other than moneys required by this Act to be paid to any other Fund; and (b) all moneys required by subsection (6) to be transferred to the City Fund."; (ii) omitting the note appearing in and at the beginning of the second paragraph; (iii) adding at the end of the second paragraph the words " unless the expenses are required by this Act or any other Act to be charged to any other Fund "; (iv) omitting the fourth paragraph and the proviso thereto. (c) omitting subsection (4) and substituting the following subsection :- " (4) Trust Fund . The Trust Fund shall consist of- (a) all moneys paid to the Council by way of deposit or in trust for any person under this Act or any other Act; and (b) all moneys required by this Act or any other Act to be paid to the Trust Fund,

646 City of Brisbane Act Amendment Act 1982, No. 38 and shall be applied in payment to or on behalf of the person entitled to the moneys in question according to law or, as the case may be, as is prescribed by the Act pursuant to which the moneys in question were paid to the Trust Fund. (d) adding at the end thereof the following heading and subsection- " RESERVE FUND (6) Reserve Fund . (a) The Reserve Fund shall consist of the following moneys- (i) the whole or part of any surplus in the City Fund that the Council resolves shall be transferred to the Reserve Fund; (ii) moneys set aside from the City Fund to meet any future liability of the Council, whether certain or contingent, and, if the Council so resolves, interest earned on such moneys. The Reserve Fund shall be applied- (a) in the payment of moneys forming part of a specific reserve to the liability or purpose of the Council for which the specific reserve was established; (b) in the payment of moneys not forming part of a specific reserve- (i) towards replacement of assets of the Council or acquisition of further assets for the purposes of the Council; or (ii) towards a liability or purpose of the Council for which a reserve might properly be established: Provided that moneys to be expended from the Reserve Fund shall first be transferred therefrom to the City Fund. The Council may by resolution- (a) discontinue a reserve established by it; (b) continue a reserve established by it for a purpose other than the purpose for which the reserve was established and where it exercises the power conferred by provision (b), the reserve so continued shall be taken to have been established for the purpose last resolved by the Council and shall be applied accordingly. Where upon the discontinuance of a reserve or the fulfilment of the purpose for which a reserve was established there is a residue of moneys in the Reserve Fund for the purpose for which the reserve was established those moneys shall be transferred to the credit of the City Fund.". 3. Amendment of s. 41B . Section 41 B of the Principal Act is amended by omitting from the note appearing in and at the beginning of the section the expression " ss. 41A and 41B " and substituting the expression " ss. 41 and 41A ". 4. Repeal of and new s. 45. The Principal Act is amended by repealing section 45 and substituting the following section:- " 45. City Debt Redemption Fund . (I) For the purpose of administering sinking funds for the liquidation of sums borrowed by the Council, including such funds established before the passing of the City of Brisbane Act Amendment Act 1982, the persons for the time

City of Brisbane Act Amendment Act 1982, No. 38 647 being holding the offices of Under Treasurer, Director of Local Government and Town Clerk shall constitute a body corporate under the name and style " Trustees of the City Debt Redemption Fund ", which body corporate by that name and style shall have perpetual succession and an official seal, which shall be judicially noticed , and shall be capable in law of suing and being sued. In this section the body corporate is referred to as " the Trustees ". ( 2) The Trustees shall not represent the Crown for any purpose. (3) The Under Treasurer shall be chairman of the Trustees and shall preside at meetings of the Trustees at which he is present. Any two members of the Trustees shall constitute a quorum at meetings of the Trustees. The Trustees shall- (a) be vested with and control every sinking fund established pursuant to this Act; and (b) appoint a secretary who shall perform such duties as the Trustees may direct. (4) The Trustees shall establish and maintain a separate sinking fund with respect to each loan for which contributions are made pursuant to this Act. There shall be paid into each sinking fund- (a) all moneys received by the Trustees for the purpose for which that fund is established; and (b) all moneys required by this Act or any other Act to be paid into that fund. Moneys standing to the credit of a sinking fund may be applied to- (a) the purchase , redemption ( including upon conversion) or repayment of any security or loan to which that fund is relevant; (b) the making of investment pursuant to subsection ( 5); and (c) such other purposes as are prescribed by this Act or any other Act. If there are moneys standing to the credit of a sinking fund that are not required for the purpose of that fund or that are surplus to the requirements of that fund the Trustees may approve and make payment of those moneys or part thereof to the Council for such purposes and on such terms and conditions as the Trustees may determine or to another sinking fund. (5) The Trustees may invest moneys standing to the credit of a sinking fund and not immediately required for the purpose of that fund in such securities , financial arrangements and other investments as it thinks fit. For the purpose of recording transactions relating to such investment the Trustees shall establish one common investment account called the " Common Investment Account " and any investment made shall not be made on account of or belong to a particular sinking fund.

648 City of Brisbane Act Amendment Act 1982, No. 38 The Trustees shall- (a) establish within the Common Investment Account a suspense account called the " Sinking Funds Net Earnings Account " to which shall be credited moneys received being net earnings on account of investments made by the Trustees and to which shall be debited the costs of administering the several sinking funds; and (b) from time to time allocate proportionately to the several sinking funds, according to the minimum balance each month in each sinking fund, the balance of the Sinking Funds Net Earnings Account. Where for the purpose of applying moneys standing to the credit of a sinking fund pursuant to subsection (4) it is necessary to estimate the net earnings of that sinking fund since the balance of the Sinking Funds Net Earnings Account was last allocated to the several sinking funds, the Trustees may make such estimate and credit the amount so estimated to the sinking fund and debit it to the Sinking Funds Net Earnings Account. (6) The Trustees shall establish and maintain one consolidated bank account into which shall be promptly paid all moneys collected or received by it and from which moneys shall be paid only for purposes relevant to the sinking funds. (7) The Trustees may obtain advances or financial accommodation by way of overdraft from any bank. (8) The Trustees shall cause proper books of accounts to be provided and kept and true and regular entries to be made therein in respect of all transactions entered into by the Trustees. (9) As soon as is practicable after the end of each financial year the Trustees shall cause statements of account (in this section referred to as the "Annual Statements of Account ") to be prepared with respect to the financial operations of the Trustees during that year. The Annual Statements of Account- (a) shall set forth in a summarized form particulars of transactions in the Common Investment Account during the financial year in question and a balance sheet showing the financial position of the Trustees as at the end of that year; and (b) shall be certified under the seal of the Trustees as to whether in the Trustees' opinion they fairly set out the financial transactions of the City Debt Redemption Fund for the period to which they relate and show a true and fair view of the position of that fund at the end of that period on a basis consistent with the basis applied in respect of the financial year last preceding that period; and (c) shall thereupon be submitted to the Auditor-General.

City of Brisbane Act Amendment Act 1982, No. 38 649 (10) The Auditor-General shall audit the accounts of the Trustees and in respect thereof shall have and may exercise all the powers and authorities conferred on him by the Financial Administration and AuditAct1977-1981. The fee payable by the Trustees in respect of the audit shall be fixed by the Auditor-General. (11) The Auditor-General shall certify on the Annual Statements of Account whether or not such statements- (i) are prepared in the form required by this Act; (ii) are in agreement with the accounts of the Trustees ; and (iii) have, in his opinion, been properly drawn up so as to present a true and fair view of the transactions for the financial year in question and the financial position at the end of that year on a basis consistent with that applied in respect of the financial year last preceding, and, after such certification, shall deliver those statements to the Trustees. (12) As soon as practicable after receipt of the Annual Statements of Account duly certified by the Auditor-General, the Trustees shall prepare and furnish to the Treasurer a report on their operations for the financial year in question. Such report shall include- (i) the certified Annual Statements of Account; (ii) particulars of any case where the Council has failed to comply with this Act with respect to any sinking fund; (iii) such other information as the Trustees think fit. (13) The Treasurer shall lay the report of the Trustees before the Legislative Assembly within 14 sitting days from the day on which he receives the report. (14) Until the Annual Statements of Accounts have been audited and laid before the Legislative Assembly no such statement shall be sold or made available to any person other than a member of the Trustees, the Auditor-General or the authorized officer acting at his direction or the Treasurer or a person acting in aid of any of those persons. (15) Where it is indicated in the Trustees' report that the Council has failed to comply with this Act in respect of a sinking fund specified by the Trustees the Treasurer shall direct the Council to raise the sum in respect of which default has been made and to pay that sum to the Trustees. Compliance with such a direction may be enforced by the Treasurer in the manner in which payment of a debt due and owing by a Local Authority to the Treasurer may be enforced in respect of moneys borrowed under the Local Government Act 1936-1981.

650 City of Brisbane Act Amendment Act 1982, No. 38 Where such compliance is enforced, the Treasurer shall, after deducting from the moneys recovered by him the expenses of recovery, cause the moneys recovered to be paid into the specified sinking fund.".