30A   Environmental Water Trust Funds

(1)  For the purposes of this section, the environmental water functions of an authority are any of the following functions of the authority:

(a)  the acquisition and management of licensed environmental water within the meaning of section 8 of the Water Management Act 2000 (including the acquisition of and dealing in access licences under that Act),

(b)  the improvement of water quality,

(c)  the carrying out of works to conserve water,

(d)  any other environment protection functions relating to water that are prescribed by the regulations.

(2)  For the purposes of its environmental water functions, an authority may, with the approval of the Minister, establish an Environmental Water Trust Fund, to be called “[Name of authority] Environmental Water Trust Fund”.

(3)  The money in an Environmental Water Trust Fund may be kept in one or more financial institutions (including the Special Deposits Account). An Environmental Water Trust Fund does not form part of the Consolidated Fund or any other Funds of authorities.

(4)  There is to be paid into an Environmental Water Trust Fund:

(a)  all money received by or on account of the relevant authority for payment into the Fund, and

(b)  any gift or bequest of money to the relevant authority for the purposes of its environmental water functions, and

(c)  the proceeds of any dealing with respect to a water access licence held by the relevant authority, and

(d)  the proceeds of any investment of money in the Fund.

(5)  There may be paid from an Environmental Water Trust Fund amounts required to meet expenditure incurred by the relevant authority in the exercise of its environmental water functions.

(6)  An authority is to include in any draft catchment action plan it prepares under this Act provisions relating to the environmental water functions for which it has established an Environmental Water Trust Fund, including:

(a)  the assets of the authority that will be subject to the Fund, and

(b)  the actions for the protection or improvement of those assets, and

(c)  the targets for measuring the success of its environmental water functions.

The provisions of the draft catchment action plan are to be consistent with the State Water Management Outcomes Plan and any management plan under the Water Management Act 2000.

(7)  The regulations may make provision for or with respect to an Environmental Water Trust Fund, including for or with respect to the making of decisions affecting the Fund and the disclosure of pecuniary or other interests of persons involved in making those decisions.