Overview

The Cascade Cliff Loan Act 1998 was enacted by the Norfolk Island Administration to facilitate the borrowing of up to $3,250,000 for the critical purpose of stabilising the Cascade Cliff. This legislation was designed to address the urgent need for public safety measures and environmental protection in the area, particularly concerning the stabilisation of Lot 28 Section 10, Sheet 33 on Norfolk Island, and the associated activities such as the extraction, handling, transportation, treatment, and stockpiling of rock, soil, or other material. The Act establishes the Cascade Cliff Loan Fund, exempts it from certain sections of the Public Moneys Act 1979, and outlines the administration of the borrowed funds, ensuring they are used exclusively for the specified project. The funds are to be credited to the Cascade Cliff Loan Fund, which forms part of the Public Account of Norfolk Island, and any repayments or royalties due to the Commonwealth must also be directed into this fund. This Act reflects the Norfolk Island Administration's commitment to addressing specific environmental and safety concerns through targeted financial provisions.

Scope and Application

The Cascade Cliff Loan Act 1998 applies to the Administration of Norfolk Island and pertains specifically to the stabilisation of the Cascade Cliff, which involves the land described as Lot 28 Section 10, Sheet 33 Norfolk Island. The act establishes the Cascade Cliff Loan Fund as a special account within the Public Account of Norfolk Island, which is used exclusively for the project of stabilising the cliff and related activities such as the extraction, handling, transportation, treatment, and stockpiling of rock, soil, or other material. The act allows the Administration to borrow money from the Commonwealth, up to a total of $3,250,000, for this purpose. Any repayments of royalties or amounts in respect of capital items owed to the Commonwealth must be directed into the Cascade Cliff Loan Fund, with no other funds permitted to be added. The act binds the Crown and the Administration of Norfolk Island, with its provisions supplemented by subordinate instruments as necessary.

Key Provisions

The Cascade Cliff Loan Act 1998 (sections 1-8) establishes the legal framework for borrowing funds to stabilise the Cascade Cliff on Norfolk Island. This Act allows the Administration of Norfolk Island to borrow money from the Commonwealth, up to a maximum of $3,250,000, to finance the specified project. The money borrowed becomes part of the Public Account and must be credited to the newly established Cascade Cliff Loan Fund. This fund is specifically for the project, which includes the stabilisation of Lot 28 Section 10, Sheet 33 Norfolk Island, and the extraction, handling, transportation, treatment, and stockpiling of rock, soil, or other materials. The Act also stipulates that any royalties or amounts due to the Commonwealth as part of the loan terms must be paid into the Cascade Cliff Loan Fund. The Cascade Cliff Loan Act 1998 imposes several obligations on the Administration of Norfolk Island. These include the requirement to ensure that any money borrowed under this Act is strictly used for the project as defined. Furthermore, the Act stipulates that no other payments, except those explicitly required under the loan terms, should be made into the Cascade Cliff Loan Fund. The Act also binds the Crown and the Administration of Norfolk Island, ensuring that these entities are legally accountable for the use of the borrowed funds. The Cascade Cliff Loan Act 1998 includes provisions for potential breaches and the consequences thereof. Although specific penalties or consequences are not detailed within the Act, breaches of the terms of borrowing, misuse of funds, or failure to comply with the requirements set out in the Act could potentially result in legal action. Such breaches might be addressed under other relevant Norfolk Island laws or regulations, which could include civil or administrative penalties.