New South Wales Consolidated Acts

ENVIRONMENTAL PLANNING AND ASSESSMENT ACT 1979 - SECT 7.36

7.36 Development Funds

(cf previous s 130)

(1) The Development Fund in respect of each development area shall consist of--

(a) all money borrowed for the purpose of the acquisition or development of land within the development area and for the purpose of repaying or renewing a loan obtained for that purpose and the proceeds of any levy or assessment made by the Planning Ministerial Corporation for the purpose of repaying money so borrowed or renewing such a loan,

(b) the proceeds of the sale or lease by the Planning Ministerial Corporation of any land situated within the development area,

(c) all money and land directed by or under this Act to be allocated to the Development Fund,

(d) all money received as a result of the investment of the Development Fund as authorised by this Act, and

(e) such other money as the Treasurer authorises to be paid into the Development Fund.

(2) All land vested in the Planning Ministerial Corporation and situated within a development area shall form part of the assets of the Development Fund in respect of that development area.

(3) The Development Fund in respect of each development area may be applied to any of the following purposes--

(a) the acquisition or development of any land within the development area,

(b) the payment of rates and charges due and payable by the Planning Ministerial Corporation in respect of land within the development area,

(c) transfers to any reserve for loan repayment in respect of money borrowed in respect of the development area or in respect of any loan transferred to the Planning Ministerial Corporation in pursuance of Schedule 3 to the Miscellaneous Acts (Planning) Repeal and Amendment Act 1979 ,

(d) payment of principal, interest and expenses in respect of money borrowed in respect of the development area or in respect of any loan transferred to the Planning Ministerial Corporation in pursuance of that Schedule,

(e) any purpose authorised by or under this Act for the application of the Development Fund,

(f) the creation of assets and incurring and discharging liabilities not inconsistent with the purposes of the Development Fund,

(g) payment of principal, interest and expenses in respect of money borrowed which is not chargeable to any fund other than the Development Fund, or in respect of a loan or asset transferred from another fund,

(h) the investment of money for the creation of reserves for any purposes not inconsistent with the purposes of the Development Fund,

(i) any costs incurred in the administration of the Development Fund.

(4) The Development Fund may also be applied, with the approval of the Minister, to the development of land (whether vested in the Planning Ministerial Corporation or not) within the development area for the purpose of an improvement program, if--

(a) the Minister has considered likely future applications of the Development Fund for all the purposes in subsection (3), and

(b) in the opinion of the Minister, implementation of the improvement program will improve public amenity by--

(i) enhancing open space or the public domain, or

(ii) providing suitable infrastructure or facilities at a regional or local level.

(5) The Development Fund in respect of each development area may be applied to purposes that are necessary, incidental, subordinate or supplementary to any of the purposes specified in subsection (3) or (4).