Snowy Hydro Legacy Fund Act 2018

This Act is the Snowy Hydro Legacy Fund Act 2018.

This Act commences on the date of assent to this Act, except as provided by subsection (2).

Section 16 commences on the commencement of Division 6.4 of the Government Sector Finance Act 2018.

In this Act—

approved regional infrastructure project means a nominated regional infrastructure project approved by the Treasurer under section 6.

function includes a power, authority or duty, and exercise a function includes perform a duty.

funding, in relation to a project, includes a reference to funding the planning, selection, implementation and delivery of the project.

GSF agency has the same meaning as in the Government Sector Finance Act 2018.

nominated regional infrastructure project means an infrastructure project jointly nominated by the Premier and the Minister for Regional New South Wales under section 5.

Public Service agency means a Public Service agency within the meaning of the Government Sector Employment Act 2013.

regional New South Wales means any part of New South Wales that is outside the metropolitan areas of Sydney, Newcastle and Wollongong.

the Fund means the Snowy Hydro Legacy Fund established under section 7.

Note—

The Interpretation Act 1987 contains definitions and other provisions that affect the interpretation and application of this Act.

Notes included in this Act do not form part of this Act.

The object of this Act is to enable the use of the value of the proceeds of the sale by the State of its interest in Snowy Hydro Limited for infrastructure projects of primary benefit to regional New South Wales.

The Premier and Minister for Regional New South Wales may jointly nominate infrastructure projects for funding under this Act.

The Premier and Minister for Regional New South Wales may jointly nominate an infrastructure project if they consider that the project will improve economic development in regional New South Wales and will primarily benefit regional New South Wales.

A project that is part of a larger infrastructure project may be nominated if that part meets the criteria for nomination.

The Premier or Minister for Regional New South Wales is to notify the Treasurer in writing of any joint nomination of a project.

An infrastructure project jointly nominated by the Premier and Minister for Regional New South Wales is not eligible for funding under this Act unless it is approved by the Treasurer.

In determining whether to approve funding under this Act for a nominated regional infrastructure project, the Treasurer is to take into account whether funding the project under this Act is consistent with the purpose of the Fund.

Subsection (2) does not limit the matters that the Treasurer may take into account in determining whether to approve funding under this Act for a nominated regional infrastructure project.

A Snowy Hydro Legacy Fund is to be established in the Special Deposits Account.

The purpose of the Fund is to improve economic development in regional New South Wales and, for that purpose, to fund infrastructure projects that primarily benefit regional New South Wales.

It is the intention of Parliament that the total payments from the Fund for approved regional infrastructure projects will be equivalent to the value of the proceeds of the sale by the State of its interest in Snowy Hydro Limited to the Commonwealth.

There is payable into the Fund the following—

all money appropriated by Parliament or advanced by the Treasurer for the purposes of the Fund,

all money appropriated by Parliament for services that is used for the purpose of funding an approved regional infrastructure project,

all money appropriated by Parliament to the Treasurer for the general purposes of the Government (and not for the purposes of individual GSF agencies) and directed by the Treasurer to be paid into the Fund,

all money directed or authorised to be paid into the Fund by or under this or any other Act or law.

To avoid doubt, money appropriated by Parliament before the commencement of this section may be paid into the Fund.

Money paid into the Fund under subsection (1) (b) is taken to have been appropriated out of the Consolidated Fund for the purposes of the Snowy Hydro Legacy Fund.

There is payable from the Fund the following—

any money required to fund all or any part of the cost of an approved regional infrastructure project,

any money required to meet administrative expenses related to the Fund,

any money directed or authorised to be paid from the Fund by or under this or any other Act or law.

The Treasurer may invest money in the Fund—

if the Minister administering this Act is a GSF agency for the purposes of Part 6 of the Government Sector Finance Act 2018—in any way that the Minister administering this Act is permitted to invest money under that Part, or

if the Minister administering this Act is not a GSF agency for the purposes of Part 6 of the Government Sector Finance Act 2018—in any way approved by the Treasurer.

The Premier, the Minister for Regional New South Wales or the Treasurer may delegate the exercise of any of their functions under this Act (other than this power of delegation) to—

the head of a Public Service agency, or

any other person employed in a Public Service agency.