Council secures $26m SWIF fund
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.