Clause 7

There shall be established by the Authority a Bus Service Enhancement Fund comprising —

all moneys from time to time appropriated from the Consolidated Fund or the Development Fund and authorised to be paid into the Bus Service Enhancement Fund by any written law;

all moneys authorised by or under any other written law to be paid into the Bus Service Enhancement Fund;

all moneys borrowed or raised by the Authority for the purposes of the Bus Service Enhancement Fund;

all gifts or donations by any person or organisation to the Authority for the purposes of the Bus Service Enhancement Fund;

all investments and other property purchased out of moneys in the Bus Service Enhancement Fund, including the net income from such investments;

all interest received on investments belonging to the Bus Service Enhancement Fund, and all amounts received by the Authority from the sale of any investments or other property paid for with money from the Bus Service Enhancement Fund;

all sums received by way of repayment of any loan or advance from the Bus Service Enhancement Fund, and any interest and late payment charge from any such loan or advance;

such proportion as the Minister may approve of the fees, rental or other revenue lawfully received by the Authority for or in connection with the hiring or leasing of buses, bus stops, bus interchanges or terminals or bus parks from the Authority, or for or in connection with the advertising on such buses or at such bus stops, bus interchanges or terminals or bus parks; and

all damages, cost or other moneys lawfully received by the Authority from any holder of a bus service licence or bus service operator’s licence on account of any breach by the holder of such a licence of any term in a grant or loan from or in a lease, contract or other arrangement with the Authority, made in connection with improving and expanding the range and reliability of bus services so provided by the holders of such a licence.(2) The moneys in the Bus Service Enhancement Fund may be withdrawn by the Authority only for all or any of the following purposes:

to provide grants or loans to any holder of a bus service licence or a bus service operator’s licence for the purpose of improving and expanding the range and reliability of the bus services so provided by the holders of such a licence, including but not limited to meeting such expenditure for the delivery of bus services as the Authority may approve;

to pay all reasonable legal costs incurred by the Authority and all reasonable expenses incurred by the Authority in connection with the collection or attempted collection of any outstanding amounts (including any interest thereon) of any sums due under any loan or grant made out of moneys in the Bus Service Enhancement Fund;

to acquire any property, moveable or immovable, including but not limited to buses, with the object of improving and expanding the range and reliability of the bus services provided by all or any of the holders of bus service licences or bus service operator’s licences;

for investments in accordance with section 17 of moneys in the Bus Service Enhancement Fund;

to pay all amounts relating to the sale, disposal or write-off of any investments paid for with money from the Bus Service Enhancement Fund;

to pay any principal or interest on moneys borrowed or raised by the Authority for the purposes of the Bus Service Enhancement Fund;

to pay any expenses properly attributable to the setting up of the Bus Service Enhancement Fund and the administration and management of moneys in that Fund.(3) For the purposes of subsection (1)(e), the net income from investments shall be the amount ascertained by adding to, or deducting from, the income received from investments of moneys in the Bus Service Enhancement Fund any gain derived or loss sustained, realised or unrealised, as the case may be, from such investments.(4) No loan made or investments paid for with moneys from the Bus Service Enhancement Fund shall be written-off without the prior approval of the Minister.(5) Without prejudice to subsection (4), the Bus Service Enhancement Fund shall be managed and administered by the Authority subject to the directions of the Minister.(6) Upon dissolution of the Bus Service Enhancement Fund during any term of office of the Government (within the meaning of the Constitution), the balance of such moneys remaining in that Fund shall be transferred to the Consolidated Fund and be added to the reserves of the Government not accumulated by it during that term of office.”.