Coun­cil se­cures $26m SWIF fund

South Waikato News - - NEWS - By PET­RICE TARRANT

A move to se­cure South Waikato ratepay­ers’ $26 mil­lion in­vest­ment fund in a sep­a­rate trust is go­ing ahead.

At a pub­lic ex­cluded meet­ing held on Novem­ber 13 the South Waikato Dis­trict coun­cil­lors re­solved to es­tab­lish a non­coun­cil con­trolled or­gan­i­sa­tion to man­age and dis­trib­ute the South Waikato In­vest­ment Fund (SWIF).

The trust deed doc­u­ment will de­velop, the trust’s pur­pose, the ap­point­ment pro­ce­dure for trustees and the in­fla­tion­proof­ing of the cap­i­tal.

It will be viewed by coun­cil­lors next Mon­day in work­shops.

All go­ing to plan the ex­ter­nal trust will be up and run­ning by the end of March 2014 at which point res­i­dents can start mak­ing ap­pli­ca­tions for use of the money.

Cur­rent com­mit­ments on the fund will not be trans­ferred to the trust. Th­ese in­clude the rates sub­sidi­s­a­tion up to the end of June 2016 and the $1 mil­lion planned to be granted to the Eco­nomic De­vel­op­ment Trust.

Coun­cil also re­solved to set aside $100,000 for the cre­ation of the eco­nomic de­vel­op­ment trust and SWIF trust, the tourism frame­work project and the Tim­ber Mu­seum.

Of that money coun­cil has al­ready poured more than $11,000 into the mu­seum for mu­seum safety, busi­ness case op­tions and de­sign/ busi­ness ex­pert fees.

This money re­lates to the Tim­ber Mu­seum ‘‘in­ves­ti­ga­tion of op­tions’’.

Re­ports on this are still in pub­lic ex­cluded.

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