AI-assisted research summary: The resolution establishes the Electrical and Mechanical Services Trading Fund, assigns specified services and assets to it, and sets repayment and interest terms for part of the fund’s loan.
Electrical and Mechanical Services Trading Fund Resolution of the Legislative Council(Format changes—E.R. 2 of 2020) Resolution made and passed by the Legislative Council under sections 3, 4 and 6 of the Trading Funds Ordinance (Cap. 430) on 26 June 1996. Resolved that with effect from 1 August 1996—(a) on the recommendation of the Financial Secretary, the Electrical and Mechanical Services Trading Fund (the trading fund) shall be established to manage and account for the operation of certain government services of the Electrical and Mechanical Services Department;(b) the services to be provided under the trading fund shall be those specified in Schedule 1;(c) the assets set out in column 2 of Schedule 2 shall, subject to any term specified opposite an asset in column 3 of that Schedule, be appropriated to the trading fund;(d) the net value of fixed assets of $1,009,400,000 appropriated to the trading fund shall be shown in the Capital Investment Fund— (E.R. 2 of 2020)(i) as to $302,800,000, as a loan; (E.R. 2 of 2020)(ii) as to the balance, as a contribution of trading fund capital;(e) the loan referred to in paragraph (d)(i)—(i) shall be repayable in 10 equal annual instalments of $30,280,000 each, the first such instalment to become due on 1 July 1997 and subsequent instalments being due on the anniversaries of that date; (E.R. 2 of 2020)(ii) shall, as to any balance unpaid, bear interest at a rate equal to the average of the best lending rate quoted by the continuing members of the Committee of The Hong Kong Association of Banks, such interest to be payable annually in arrears. Schedule 1 [para. (b)]Services to be Provided by the Trading Fund 1. Operation and maintenance of electrical, mechanical, electronic and building services systems and equipment at major installations, such as office buildings, hospitals, airports and civic venues. 2. Maintenance of other electrical, mechanical, electronic and building services systems and equipment. 3. Maintenance of vehicle fleets. 4. Design, procurement, project management and other technical consultancy services in relation to electrical, mechanical and electronic systems and vehicle fleets. 5. Operation and maintenance of a refuse incineration plant. Schedule 2 [para. (c)]Assets Item Description Terms 1. Office and depot buildings listed in Schedule 3 Not to be disposed of without the prior approval of the Financial Secretary. 2. All furniture and fixtures, equipment, computer systems and motor vehicles under the control of the Electrical and Mechanical Services Department and deployed towards the trading services as at 1 July 1996, as set out in the document marked “Inventory of Furniture Equipment and Motor Vehicles of the Electrical and Mechanical Services Trading Fund” kept by the Director of Electrical and Mechanical Services. — Schedule 3 [item 1, Sch. 2]Office and Depot Buildings Appropriated to the Trading Fund Name of Office and Depot Buildings Location 1. Electrical and Mechanical Services Trading Fund Offices 98 Caroline Hill Road (excluding 6/F, 7/F and 10/F) 2. Caroline Hill Depot, Workshop and ATC Building Rear of 98 Caroline Hill Road 3. Sung Wong Toi Depot and Workshop 120 Ma Tau Kok Road, Kowloon 4. Fan Garden Depot, Fanling Jockey Club Road, Fan Garden, Fanling 5. Mui Wo, Lantau Depot 3 Wan Chai, Mui Wo, Lantau Island 6. Kowloon Bay Depot Cheung Yip Street, Kowloon 7. Land for depot at Tin Sui Wai Tin Tan Street, Tin Sui Wai