Infrastructure Funding and Financing Bill

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Hon Phil Twyford

Infrastructure Funding and Financing Bill

Government Bill

204—2

	Commentary
	Key
1	Title
2	Commencement
	Part 1 Preliminary provisions
3	Purpose
4	Outline of this Act
5	Transitional, savings, and related provisions
6	Act binds the Crown
	Interpretation
7	Interpretation
8	Meaning of eligible infrastructure
9	Meaning of eligible costs
10	What is an SPV
	Protected Māori land
11	Meaning of protected Māori land
12	Te Ture Whenua Maori Act 1993 ~~prevails~~ not affected by this Act
13	Marine and Coastal Area (Takutai Moana) Act 2011 ~~prevails~~ not affected by this Act
14	Treaty settlement obligations prevail
	Application of Local Government (Rating) Act 2002
15	How Local Government (Rating) Act 2002 applies to this Act
	Part 2 Authorisation of levy
16	Outline of this Part
	Subpart 1—Consideration of levy proposal
	Levy proposal
17	Who may propose levy
18	Content of levy proposal
	Levy proposal assessed by recommender
19	Recommender assesses levy proposal
20	~~Asset~~ Infrastructure endorsement
21	Levy endorsement
22	Authorities not restricted by endorsement
23	Endorsements notified
24	Consent to include protected Māori land
25	Recommendation
26	Recommendation report
	Responsible Minister’s consideration of levy proposal
27	Responsible Minister may recommend levy order to Governor-General in Council
28	Consultation
	Subpart 2—Levy order
29	Order in Council
30	Monitor publishes recommender’s report
31	Content of levy order
32	~~Levy: leviable land and categories~~Setting levy: leviable land
33	~~Levy: assessment of liability~~Setting levy: factors to be used in assessing liability
34	Additional content of levy order
	Subpart 3—Basis of liability for levy
	Preliminary
35	Application
36	Leviable land
37	Who must pay levy
38	When levy payment must be made
39	Levy period
	Responsible SPV sets annual levy
40	Annual levy
41	Rating information needed by SPV
	Confirmation of annual levy
42	Proposed annual levy resolution ~~to monitor~~
43	Monitor reviews proposed resolution and report
44	Monitor confirms proposed resolution ~~and report~~
45	Responsible SPV sets annual levy
46	Monitor publishes resolution
47	Monitor not satisfied
48	Revised proposed annual levy resolution
49	Monitor directs resolution
50	Responsible SPV sets annual levy as directed
	Correcting annual levy
51	Responsible SPV may correct annual levy resolution ~~within same levy year~~
	~~Levy period and annual levies~~ Maximum levy revenue can be reduced
52	~~Levy period and annual levies~~ Maximum levy revenue can be reduced
	Part 3 Administration of levy
53	Outline of this Part
	Subpart 1—Who administers levy
54	Who administers levy
55	Levy administration agreement
56	When agreement not reached
57	When SPV recovers unpaid levy
58	Levy is charge against rating unit
59	Invalidity of levy not ground for refusal to pay levy
	Subpart 2—Responsible levy authority administers levy
	Levy proceeds paid to responsible SPV
60	Collected levy paid to responsible SPV
	Rating information database and rating records
61	Rating information database
62	Objections by levypayers
63	Responsible SPV to give levy-related information to responsible levy authority
64	Notification of change in circumstances
65	Rates records and objections, etc, to rates records
66	Correction of errors
67	Amended levy assessment and recovery of additional levy
	Levy assessment and invoicing
68	Assessment of levy liability
68A	Rating units in common ownership
69	Levy assessment ~~included in notice of rates assessment~~notified to levypayer
70	~~Rates assessment to include information about levy~~Information in levy assessment
71	Levy invoice
72	Further processes for levy assessment and levy invoice
	Collection of levy
73	Collection of levy
	Penalties
74	Penalties for unpaid levy
	Remission and postponement of levy
75	Levy remission and levy postponement policies
75A	Levy remission and levy postponement policies relating to Maori freehold land
76	Remission of levy
77	Postponement of requirement to pay levy
	Recovery of unpaid levy
78	Recovery under Local Government (Rating) Act 2002
79	Recovery action in relation to Maori freehold land
	Subpart 3—When responsible SPV recovers unpaid levy
80	Recovery action generally
81	Legal proceedings to recover levy
82	Application of proceeds of rating sale or lease that involves levy
83	Recovery action in relation to Maori freehold land
84	Responsible levy authority must give information to responsible SPV
	Part 4 Other operational and financial matters
85	Outline of this Part
	Subpart 1—SPV’s ongoing duties
86	Levy collected must not exceed maximum levy revenue
87	Levy revenue must be applied only to pay eligible costs
88	Eligible infrastructure ~~must be transferred under vesting agreement~~ vested in responsible infrastructure authority
	Subpart 2—Excess levy, uncollected levy, and previous contributions
	Excess levy at end of levy period
89	Excess levy at end of levy period
90	Excess levy threshold
	Uncollected levy at end of levy period
90A	Responsible SPV may assign uncollected levy to responsible levy authority
	Previous development contributions and financial contributions
91	Application and interpretation
92	Responsible levy authority to inform responsible SPV about previous contributions
93	~~SPV may direct territorial authority to transfer previous contributions and remit levies~~
93	Responsible SPV may direct responsible levy authority to transfer previous contributions and remit levies
94	Responsible levy authority must refund or return previous contributions if no direction
95	Sections 209 and 210 of Local Government Act do not apply to those previous contributions
	Subpart 3—SPV’s powers relating to construction
	Powers relating to private land
96	Power to construct eligible infrastructure on private land ~~(if applied by levy order)~~
	Powers relating to roads and public land
97	Powers to construct water services infrastructure on roads and public land ~~(if applied by levy order)~~
98	Notice requirement
99	Responsible SPV to be notified of conditions
100	Failure to notify conditions
101	Urgency
102	Appeal by responsible SPV to District Court
	Subpart 4—Other financial matters
	Accounting records and reporting
103	Definitions
104	Levy account
104A	Accounting records
105	Financial statements
106	Audit
107	Annual report
108	Content of annual report
109	Additional information required by monitor
	~~No guarantees or other liability to support SPV~~Limitations on support given to SPV
110	~~Responsible levy authority must not guarantee or financially support SPV~~Support from responsible levy authority or responsible infrastructure authority
111	Crown liability generally
112	Crown liability under certain contracts and arrangements
	Part 5 Monitoring, remedies, enforcement, and miscellaneous
113	Outline
	Subpart 1—Role of monitor
114	Appointment of monitor
115	Functions, duties, and powers
116	Monitor must publish information
117	Information and assistance
118	Restricted change of control of SPV
119	Inquiry into SPV’s operations
~~120~~	~~Direction to address significant problem~~
120	Monitor may give direction or request remedial plan
121	Monitor may recommend appointment of Crown Manager
	Subpart 2—Role of Crown Manager
122	Responsible Minister may appoint Crown Manager
123	Functions, duties, and powers of Crown Manager
124	Information to responsible Minister and monitor
125	Termination of appointment
126	Protection from liability
127	Costs of Crown Manager
128	Remuneration and expenses of Crown Manager
	Subpart 3—Modified rights and remedies for creditors
129	General law applies with some modifications
	Modification of Receiverships Act 1993 for SPVs
130	Application of Receiverships Act 1993
131	Receiver appointed under instrument
132	Receiver appointed by court
133	Powers of receiver
134	General duties of receiver
135	Constraints on receiver
136	Protection of receiver
137	Exception in relation to Crown Manager
	Limit on usual rules for creditors
138	Limit on usual rules for transactions and dispositions at under value ~~(if applied by levy order)~~
	Subpart 4—Enforcement
	Injunctions and compliance orders
139	Court may grant injunction
140	When court may grant injunction
140A	No undertaking as to damages required
141	Court may make compliance order
	Civil liability and compensatory orders
142	Court may make civil liability order
143	Court may make compensatory order
144	Defences
145	Defences for person involved in contravention
146	Meaning of involved in a contravention
	Offences
147	False statement or information
148	Refusal or failure to give information
149	Resistance, obstruction, or failure to comply with directions
	Subpart 5—Miscellaneous
	Recommender
150	Appointment of recommender
151	Function of recommender
	Delegations
152	Responsible levy authority may delegate
153	Responsible SPV may delegate
154	Other provisions of Local Government (Rating) Act 2002 applied
	Courts
154A	Jurisdiction of courts
	Subpart 6—Amendments to other Acts
155	Amendments to other Acts
	Schedule 1 Transitional, savings, and related provisions
	Schedule 2 Amendments to other Acts
	Legislative history

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