South Australian Current Acts South Australian Current Acts12—Application of proceeds of sale/lease agreement
(1) The proceeds of a
sale/lease agreement must be applied for one or more of the following
purposes:
(a)
defraying the cost of restructuring and disposal of maritime assets and the
necessary preparatory work;
(b) work
to deepen, extend or clear a harbor or port or other work to develop or
improve such a harbor or port;
(c)
improving services and facilities related to a port or infrastructure
associated with a port;
(d)
retiring State debt;
(e)
making provision of up to $100 million for the State's superannuation
liabilities.
(2) If the proceeds
are not applied immediately to a purpose mentioned above, they must be kept in
a separate account at the Treasury, and any income from investment of the
money standing to the credit of the account must be applied towards retiring
State debt.
(3) An amount paid by
way of security will not be regarded as proceeds of a sale/lease agreement for
the purposes of this section.