Clause 4

The Coastal and Flood Protection Fund is established consisting of —

all moneys from time to time appropriated from the Consolidated Fund or Development Fund and authorised to be paid into the Coastal and Flood Protection Fund by Supply law;

all moneys authorised by or under any other written law to be paid into the Coastal and Flood Protection Fund;

any gifts or donations made by any person for the purposes of the Coastal and Flood Protection Fund; and

all investments out of moneys in the Coastal and Flood Protection Fund authorised to be made by this Act and the proceeds of any such investment, including the net income from such investments.(2) Upon the commencement of section 4 of the Public Utilities (Amendment) Act 2020, the Government must pay into the Coastal and Flood Protection Fund such sum as the Minister for Finance may determine out of moneys to be provided by Parliament for the Coastal and Flood Protection Fund.(3) For the purposes of subsection (1)(d), the net income from investments is the amount ascertained by adding to, or deducting from, the income received from investments of moneys in the Coastal and Flood Protection Fund, any gain derived or loss sustained, realised or unrealised (as the case may be) from such investments.(4) Upon the dissolution of the Coastal and Flood Protection Fund during any term of office of the Government (within the meaning of the Constitution), the balance then remaining in that Fund must be transferred to the Consolidated Fund and added to the reserves of the Government not accumulated by it during that term of office.Purposes of Coastal and Flood Protection Fund 18A.—

The moneys in the Coastal and Flood Protection Fund may be withdrawn by the Board only for the following purposes:

for the Board to carry on any coastal management activity consisting of —

the construction, improvement or extension, or any demolition and replacement, of any structure or installation within the coastal zone —

to stop or reduce the impact of coastal hazards on land adjacent to tidal waters, including (but not limited to) a seawall, revetment, groyne, weir or dyke, and drains or other channels for the interaction of tidal waters with catchment floodwaters; or

to mitigate current and future risks from coastal hazards, taking into account the effects of climate change; or

the restoration or planting within the coastal zone of mangroves, littoral forest or other vegetation that is necessary or expedient for coastal management;

for the Board to carry on any construction, improvement or extension, or any demolition and replacement, of any structure or installation that is part of the storm water drainage systems, drains and drainage reserves within the meaning of the Sewerage and Drainage Act (Cap. 294);

for the acquisition by the Board of capital machinery or equipment required for or in connection with —

the start of operations of any structure or installation the construction, improvement or extension, or demolition and replacement, of which (as the case may be) was paid for with money from the Coastal and Flood Protection Fund; or

the operations of any structure or installation that is part of the storm water drainage systems, drains and drainage reserves within the meaning of the Sewerage and Drainage Act, the construction, improvement or extension, or demolition and replacement, of which was completed before, on or after the date of commencement of section 4 of the Public Utilities (Amendment) Act 2020; (d)for the Board to carry on any associated design, investigative and engineering studies or survey preparatory to the undertaking of any activity, work or acquisition mentioned in paragraph (a), (b) or (c);

to pay any of the following which is incurred or payable (as the case may be) for the purposes of any activity or work in paragraph (a) or (b):

the costs incurred by the Collector of Land Revenue in the acquisition of any land under the Land Acquisition Act (Cap. 152); (ii)the compensation payable for the acquisition of any land under the Land Acquisition Act;

to pay insurance premiums on capital equipment or other investments acquired, and land (including structures and installations) acquired and constructed, replaced, improved or extended using moneys of the Coastal and Flood Protection Fund;

for the Board to undertake (solely or in collaboration with other persons) scientific, engineering or other studies to develop plans or strategies to improve the resilience of the coastal zone to the impact of an uncertain climate future, including the impact of extreme weather events;

to pay all amounts relating to the sale, disposal or write‑off of any investments paid for with money from the Coastal and Flood Protection Fund;

to invest in accordance with section 16;

to pay any expenses properly attributable to the setting up of the Coastal and Flood Protection Fund and the administration, management and investment of moneys in that Fund.(2) However, no investment paid for with money from the Coastal and Flood Protection Fund may be written‑off by the Board without the prior approval of the Minister.(3) To avoid doubt, no money may be withdrawn from the Coastal and Flood Protection Fund for the purposes of land reclamation by or on behalf of the Government.”.