Water Management Act 2000 No 92
Part 3 Water investment trust
In this Part—Board of Trustees means the Board of Trustees referred to in section 379 (4).Fund means the Water Investment Trust Fund established by section 384.Trust means the Water Investment Trust constituted by section 379.
379 Constitution of Trust
(1) There is constituted by this Act a body corporate with the corporate name of the Water Investment Trust.(2) The Trust has such functions as are conferred or imposed on it by or under this or any other Act or law.(3) The Trust is, for the purposes of any Act, a statutory body representing the Crown.(4) The affairs of the Trust are to be managed by a Board of Trustees.(5) Subject to this section, the constitution and procedure of the Board of Trustees are to be as prescribed by the regulations.
380 Objects of Trust
The objects of the Trust are to promote, organise, carry out and fund projects, in both the public and private sectors, for—(a) the restoration and rehabilitation of water sources and their dependant ecosystems, and(b) the construction of works for the more efficient delivery, use and recycling of water, and(c) the conduct of water industry adjustment, business restructuring and industry training, andin order to maximise the environmental, social and economic benefits of the State’s water sources for present and future generations.(d) the conduct of research, and the development of technology, in relation to the matters referred to in paragraphs (a), (b) and (c),
381 Functions of Trust
The Trust may, for the purpose of promoting its objects—(a) make grants or loans (either conditionally or subject to conditions) for projects of the kind described in section 380, and(b) supervise the expenditure of money so granted, and(c) establish works programs, and associated budgets, for projects to be carried out or funded by the Trust, and(d) engage in such other activities relating to its objects as the Minister may approve.
382 Staff of Trust
(1) The Trust may, with the approval of the Minister, arrange for the use of the services of any staff or facilities of a Public Service agency or public authority.(2) For the purposes of this Act, a person whose services are made use of under this section is an officer of the Trust.
The Trust may delegate to a member of the Board of Trustees, or to an officer of the Trust, the exercise of any of its functions, other than this power of delegation.
384 Water Investment Trust Fund
(1) There is to be established in the Special Deposits Account a Water Investment Trust Fund into which are to be paid—(a) such money as may be raised by way of water investment contributions pursuant to this Part, and(b) such money as may be appropriated by Parliament for payment into the Fund, and(c) the proceeds of investment of money in the Fund, and(d) any gift or bequest of money to the Trust, and(e) such other money as is required or permitted to be paid into the Fund.(2) Money in the Trust Fund may be used—(a) for the purpose of enabling the Trust to exercise its functions, and(b) to cover the costs incurred by the Trust in administering this Part.
The Trust is to invest money in the Trust Fund—(a) if the Trust is a GSF agency for the purposes of Part 6 of the Government Sector Finance Act 2018—in any way that the Trust is permitted to invest money under that Part, or(b) if the Trust 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.
386 Investment levies on water users
(1) The regulations may make provision for or with respect to the fixing, assessing and levying of water investment contributions from persons who hold access licences.(2) Water investment contributions are to be fixed in relation to specified works programs established by the Trust, and so as to yield receipts no greater in total than the amounts budgeted by the Trust in relation to the works program so specified.(3) For the purposes of section 78 (1) (c), a water investment contribution payable by the holder of a licence is taken to be a charge payable in respect of the licence.(4) Part 4 of Chapter 7 applies to and in respect of a water investment contribution levied under this section in the same way as it applies to and in respect of a rate or charge referred to in that Part and, for that purpose, the Trust is taken to be a charging authority.